US Dollar Regains From Multi-week Low Against South African Rand

The US dollar bounced back from early session multi-week low of 7.5350 against the South African rand in New York afternoon deals on Thursday. At present, the buck is worth 7.5963 versus the rand, compared to 7.6032 hit late New York Wednesday.

On the economic front on Thursday, South Africa's retail sales increased at a faster pace in April, the statistical office said.

Retail sales at constant prices grew 3.2% year-on-year in April, faster than the 2.7% growth in the previous month, which was revised from the 1% rise reported initially. Retail sales increased for the fourth consecutive month. A year earlier, retail sales decreased 6.7%.

On a seasonally adjusted basis, retail sales slipped 0.2% month-on-month in April. In the February to April period, retail sales climbed 1.8% from the previous three months period.

The statistical office also reported that wholesale sales at constant prices dropped 1% year-on-year in April, in contrast to the 0.6% growth in the previous month. A year earlier, wholesale sales slid 16.3%.