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South African rand weaker against dollar, PPI data due

شعار Reuters Reuters 29/05/2014
A five rand coin is displayed by a South African Reserve Bank employee in a file photo. BANKG: A new five rand coin is displayed during its launch at the South African Mint. © REUTERS- Juda Ngwenya A new five rand coin is displayed during its launch at the South African Mint. A five rand coin is displayed by a South African Reserve Bank employee in a file photo. BANKG: A new five rand coin is displayed during its launch at the South African Mint. © REUTERS- Juda Ngwenya A new five rand coin is displayed during its launch at the South African Mint.

JOHANNESBURG - South Africa's rand was softer on Thursday against the dollar, tracking a weaker euro and as the local unit struggles to recover from weak GDP numbers that signal Africa's most advanced economy could go into recession this year.

Tensions in Ukraine and Russia have also pressured risky assets like the rand, and most emerging market currencies tracked by Reuters were trading weaker against the dollar early on Thursday.

The rand fell 0.2 percent to 10.4820 per dollar at 0648 GMT. It earlier hit a session low at 10.4930, not too far off a three-week low tested in the previous session.

Dealers said they expected the rand to come under further pressure if U.S. economic growth data later in the day beats expectations.

South Africa will release April producer price inflation data at 0930 GMT, which is expected to show prices rose on a year-on-year basis.

The yield on the R186 benchmark issue nudged down 1.5 basis points to 8.24 percent, while the shorter-dated R157 ticked 1 basis point lower to 6.625 percent.

South Africa assets are also under pressure from a crippling platinum strike now in its eighteenth week. New mines minister Ngoako Ramatlhodi said on Wednesday the deadlock in the country's longest and costliest work stoppage would soon be broken as movement has been made on both sides.[ID:nL6N0OE3ZC]

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