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South African rand slides as stronger dollar, weak domestic data weigh

By Reuters News

JOHANNESBURG, Nov 10 (Reuters) - South Africa's rand weakened against a firmer US dollar on Tuesday as investors also assessed data showing a rise in unemployment and a decline in manufacturing output.


  • At 1545 GMT, the rand traded at 16.5250 against the dollar , roughly down 0.9% from its previous close

  • The greenback strengthened about 0.5% against a basket of currencies after hotter-than-expected US inflation data bolstered expectations that the Federal Reserve would raise interest rates next month

  • Domestically, South Africa's unemployment rate rose marginally in the third quarter ZAUNR=ECI, data showed on Tuesday, underlining a key concern for voters at last week's municipal elections when the African National Congress received a drubbing

  • South Africa's statistics agency also published manufacturing figures, which showed that output fell 3.5% year-on-year in September, after falling by a revised 4.1% year-on-year in August

  • On the Johannesburg Stock Exchange, the Top-40 index .JTOPI was down about 0.3%

  • South Africa's benchmark 2035 government bond also weakened, as the yield rose 10 basis points to 8.365%

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