UPDATE 1-South African rand recovers on retreating dollar [Reuters (UK)]
S&P Global Inc. (SPGI)
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Source: Reuters
UPDATE 1-South African rand recovers on retreating dollar | Reuters Reuters Staff 2 Min Read (Updates to reflect afternoon trading) JOHANNESBURG, May 22 (Reuters) - South Africa’s rand staged a modest recovery on Tuesday, as the dollar retreated after a recent rally. At 1505 GMT the rand traded at 12.5900 to the dollar, up 0.7 percent from the previous day’s close. The South African currency was around 2.5 percent stronger than a five-month low struck on Monday, helped by the dollar easing back from a five-month high. The rand’s fortunes have been determined mainly by global market moves in recent weeks, in the absence of major shifts in local economic indicators. A central bank business cycle indicator on Tuesday pointed to a slight slowdown in the pace of an economic recovery, but traders said its impact on the rand was minimal. First-quarter gross domestic product data is expected to be released in early June. Economists polled by Reuters expect the central bank to leave interest r
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