South African rand weakens after US inflation data
Business
South African rand weakens after US inflation data
JOHANNESBURG (Reuters) - South Africa's rand weakened on Tuesday as the U.S. dollar rose after higher-than-expected U.S. inflation data.
At 1518 GMT, the rand traded at 18.7125 against the dollar , about 0.16% weaker than its previous close.
The dollar index was up about 0.26% after data showed inflation rose more than expected last month for the world's largest economy, slightly paring back expectations of an interest rate cut by the Federal Reserve in June.
Like most emerging market currencies, the rand takes direction from global factors such as U.S. monetary policy in addition to domestic economic releases.
South Africa has no major data due until Thursday, when gold, mining and manufacturing production figures for January will be released.
