The South African rand erased today’s loses versus the US dollar and continue to rise for the fourth straight session as consumer inflation accelerated.
South Africa’s consumer prices grew 4.2 percent in April, following the 4.1 percent increase in March. The rand is threatened by declining commodity prices, though, as the major economies across the world show signs of weakness. Gold and platinum, the major sources of the nation’s export revenue, dropped, while copper retreated after posting the biggest gain in two months yesterday.
USD/ZAR fell to 6.8660 today as of 12:34 GMT after climbing from 6.8880 to 6.9230.
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