The South African rand remained near its five-year trough against the world's reserve currency on Wednesday in advance of the nation's release of retail sales data later this week, according to Bloomberg.
Mining production in the nation hosting the largest economy on the African continent fell to 5.1 percent in November of last year after registering at 23 percent during the month prior. Preoccupations are growing about data regarding retail sales from the same period and what it will indicate about the state of the economy. Economists polled by the news source are forecasting the metric to slip.
Foreign investment in South African debt was active during the Tuesday trade session, marking a second day of strong interest. They acquired 398 million rand-wroth of securities while buying 1.35 billion-worth of rand in equities on Tuesday, according to data released by JSE Ltd.
The rand dropped roughly 0.2 percent against the U.S. dollar on Wednesday after registering losses of 0.7 percent against its counterpart on Tuesday.
The rand touched its five-year lows during the Tuesday trade session against the U.S. dollar, according to The Wall Street Journal.
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