US Dollar Bounces Back From 3-week Low Against South African Rand
October 08 2009 - 2:48PM
RTTF2
The US currency bounced back from early European session's
3-week low of 7.3031 against the South African rand during New York
trading on Thursday. At 12:05 pm ET, the greenback advanced to
7.4000 versus the rand, compared to 7.4328 hit late New York
Wednesday. Presently, the pair is trading near 7.3270.
Thursday, the Statistics South Africa said in a report that the
mining production dropped 11.5% year-on-year in August, reflecting
a 12.7% fall in non-gold production and a 2.9% drop in the gold
production.
On a monthly basis, the mining production decreased a seasonally
adjusted 5.8% in August. At the same time, gold and non-gold
production dropped by 2.2% and 6.2%, respectively.
The Statistics South Africa also announced that the
manufacturing production dropped 15% year-on-year in August,
compared to the 13.5% fall in the previous month. Economists
expected a decline of 11.5%.
On a monthly basis, manufacturing production decreased 2.8% in
August, faster than the 1.3% growth expected by economists.
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