Greenback Slides To 6-day Low Against South African Rand

After a choppy trading in European session, the US dollar traded lower against the South African rand during New York deals on Thursday. The greenback that closed Wednesday's New York session at 7.3250 versus the rand; plunged to a 6-day low of 7.2745 by about 9:50 am ET. Thereafter, the pair reversed its direction and presently trading at 7.3168.

South Africa's producer price inflation eased in July from the previous month.

The producer price index, or PPI, rose 7.7% year-on-year in July, slower than a 9.4% growth in the previous month, the Statistics South Africa said today. Economists were looking for an increase of 8.6%. However, producer prices increased for the eighth consecutive month. A year earlier, the PPI slipped 3.8%.

On a monthly basis, the PPI rose 1.3% in July, slower than a 2.3% rise expected by economists'. The growth was mainly due to monthly contributions from increases in the price indices for electricity, agriculture and gas and water, the statistical office said. In June, producer prices were up 4%.