The South African rand rebounded today from the monthly low after the local manufacturing expanded for the first time in three months and as the economic data from Asia was better than expected.
The South African seasonally adjusted purchasing managersâ index rose to 50.3 in August, from 49.5 in July. The reading above 50 indicates the growth. The manufacturing accounts for about 15 percent of the nation’s economy.
USD/ZAR dropped from 7.368 to 7.305 today as of 14:38 GMT after it reached yesterday 7.433, the highest level since July 26th.
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