News

Rand falls against the dollar

The South African rand fell due to two key industrial sectors on Thursday, mining and manufacturing.

The rand was trading at 14.4850 to the dollar at 15:10 GMT, 0.5% weaker.

Data revealed that Chinese Industrial output growth dropped to a 17-year low during January and February 2019 causing concern over slowing growth.

Statistics South Africa reports revealed mining decreassed for the sixth time in eight months as well as declines for gold, iron ore and coal production.

Manufacturing output was almost at a standsstil with only a 0.3% expand on a yearly basis and contracting 2% since November.

The South African economy grew 0.8% during 2018 with Treasury forecasting 1.5% expansion in 2019.