South African Rand Rises From 10-day Low Versus US Dollar

The South African rand traded higher from early European session's 10-day high low of 7.5750 against the US dollar in New York trading on Monday. The pair that closed Friday's New York session at 7.4231, is currently trading near 7.4720.

Today, the Statistics South Africa announced that the retail sales at constant prices decreased 3.9% year-on-year in July, compared to the 6.9% fall in the previous month, revised from 6.7% fall reported initially. Economists expected a decline of 5.9%. A year ago, retail sales were up 0.6%.

In the May to July period, retail sales decreased 5.1% compared to the same period of the previous year.

The Statistics South Africa also said in a report that the wholesale sales at constant prices decreased 13.8% year-on-year in July, compared to the 13.3% fall in the previous month. A year ago, wholesale sales were up 6.5%.

On a monthly basis, wholesale sales dropped 2.1% in July.

In the May to July period, wholesales sales decreased 12.8% compared to the corresponding period of the previous year.