The South African rand gained on the US dollar today even though nation’s inflation slowed last month more than was expected by analysts.
Statistics South Africa reported that annual inflation was at 4.6% in November, down from 4.8% in October. That was below the consensus forecast of 4.7%. Month-on-month, consumer prices rose by 0.1%. Yet the miss did not prevent the rand from joining currencies of other emerging markets in a rally against the dollar ahead of the Federal Reserve’s policy decision.
USD/ZAR fell by 0.13% to 13.6579 as of 10:30 GMT today.
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