Consumer inflation in South Africa is currently running at 6.9% annually, a decline from last months 8% estimate. This is the fourth consecutive month for South Africa that inflation has slowed, adding to speculation that the central bank will leave interest rates on hold.
The rand has climbed 19% against the US dollar this year, the second best performer in a survey of 16 currencies as rising commodity prices and optimism over recovery support the commodity based currencies. There is an view that a stronger rand could undermine economic recovery, making imports more expensive in South Africa.
Currency exchange rates for the rand are currently at GBP0.0772 and USD0.1266.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.