JOHANNESBURG - The rand remained on the back foot during European trade yesterday according to NKC Research.
The South African currency was temporarily boosted by stronger-than-expected mining and manufacturing production data, but pared gains in late afternoon trade as the US dollar strengthened on the back of higher-than-expected US producer inflation figures which fuelled optimism over the US economy’s strength. At the close of local trade, the rand quoted 0.1 percent weaker at R14.36/$, after trading in the range of R14.25/$ - R14.46/$. The rand traded slightly stronger overnight. Expected range today R14.10/$ - R14.40/$.
South African bourse