South African Rand Declines To 4-week Low Versus Dollar
January 20 2010 - 1:48PM
RTTF2
The South African rand declined further against the US dollar in
New York trading and touched a 4-week low of 7.5781 at about 10:30
am ET Wednesday. The greenback-rand pair that closed yesterday's
New York session at 7.4025, is now trading near 7.5363.
Retail sales in South Africa dropped 6.6% year-on-year at
constant prices in November, accelerating from the 6.1% decline in
the preceding month, Statistics South Africa reported on Wednesday.
Economists had expected sales to decline 5%.
Sales edged down 0.1% in the three months to November period
compared to the preceding three month period, the statistical
office said.
In the first eleven months of the year, retail sales were down
11.2% compared to the corresponding period of the previous
year.
Separately, the statistical office announced that wholesale
trade sales fell a seasonally adjusted 1% month-on-month in
November.
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