South African rand steady before domestic inflation data
- The rand traded at 16.2550 against the dollar , a whisker away from its previous close
JOHANNESBURG: The South African rand was little changed in early trade on Wednesday as investors awaited inflation data that is expected to show a moderation in price pressures.
At 0615 GMT, the rand traded at 16.2550 against the dollar , a whisker away from its previous close.
Statistics South Africa is due to publish July inflation data at about 0800 GMT.
Analysts polled by Reuters expect annual inflation to ease to 4.5% from 5.0% in June. Nedbank economists said lower transport costs, driven by a decline in fuel prices, helped slow inflation.
They added that easing food price pressures, supported by lower global food prices, strong domestic agricultural output and the fading impact of foot-and-mouth disease on meat prices, provided further relief.
The statistics agency is also due to publish June retail sales data at around 1100 GMT.
Economists polled by Reuters expect annual retail sales growth to remain unchanged at 2.3%.
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