South African rand strengthens after producer inflation data
Reuters
Published Apr 25, 2024 02:34AM ET
Updated Apr 25, 2024 12:02PM ET
JOHANNESBURG (Reuters) -The South African rand rose on Thursday, after monthly domestic producer inflation came in as expected.
At 1550 GMT, the rand traded at 19.0400 against the dollar, nearly 0.9% stronger than its previous close.
The dollar was last trading down 0.11% against a basket of other major currencies.
Statistics South Africa data showed producer inflation rose slightly to 4.6% year on year in March from 4.5% in February, in line with the expectations of analysts polled by Reuters.
The central bank said this week that bringing consumer inflation back to the midpoint of its target range was likely to be a "bumpy and protracted" journey.
The South African Reserve Bank has held its main interest rate at 8.25% since May 2023 to combat price pressures.
On the stock market, the Top-40 index closed 0.2% lower while the broader all-share index was down 0.25%.
Anglo American (JO:AGLJ) Platinum fell 9.48% after BHP Group (NYSE:BHP) bid $38.8 billion for its parent Anglo American.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.