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The South African Rand strengthened against the U.S. dollar in the European session on Wednesday, as a data showed that the nation's consumer price inflation rose to the highest level in three months in December.
Figures from Statistics South Africa showed that the consumer price index rose 4.0 percent year-on-year in December, following a 3.6 percent increase in November. This was in line with economists' expectation.
The inflation was the highest since September, when it was 4.1 percent.
The South African Rand climbed to a 5-day high of 14.41 versus the greenback from Tuesday's closing value of 14.49. If the Rand continues its rise, 13.00 is possibly seen as its next resistance level.
