2009.02.1806:13:00UTC+00South African rand falls to 16-day low against US dollar

During early deals on Wednesday, the South African rand edged down against the US dollar. At 5:20 am ET, the rand touched a 16-day low of 10.3043 against the dollar, moving down from an early Asian session high of 10.1274. The dollar-rand pair is currently trading at 10.23 with 10.79 seen as the next target level.

A preliminary report by Statistics South Africa said retail sales at constant prices fell 0.1% year-on-year in December to 34.1 billion rand. At current prices, however, retail sales rose 12.1% to 58.8 billion rand.

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