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JOHANNESBURG. — South Africa’s rand was weaker early yesterday as a batch of economic indicators showed the economy was still on its knees following a surprise third quarter contraction.
At 0940 GMT, the rand was 0,4 percent weaker at 14 6600 per dollar from an overnight close of 14 6020.
Data from the central bank yesterday showed the country’s current account deficit narrow slightly but remained large, while a measure of monthly business confidence showed firms were still struggling with the tough economic climate and slack demand.
On Tuesday, the statistics agency said growth shrank 0,6 percent in the third quarter, raising concerns the country could lose its last investment grade credit rating. — Reuters.
Online Reporter