South Africa’s rand weakens as private sector credit demand growth slows

JOHANNESBURG  – South Africa’s rand fell slightly against the dollar early on Wednesday, giving up gains from the previous session, after data showed private sector credit demand growth slowed in July.

At 0645 GMT, the rand traded at 13.0100 per dollar, 0.17 percent weaker than its New York close on Tuesday.

The rand on Tuesday broke past the critical 13.0000 level to touch its strongest level in about four weeks as it recovered from concerns about North Korea’s missile launch.

South Africa’s private sector credit demand growth slowed to 5.71 percent in July from 6.16 percent in June, central bank data showed.

Stocks were set to open higher at 0700 GMT, with the JSE securities exchange’s Top-40 futures index up 0.54 percent.