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Johannesburg - South Africa's rand weakened slightly against a resurgent dollar on Tuesday ahead of the release of third quarter economic growth data.
The rand was trading at R7.5275 against the dollar at 08:32, 0.33% weaker than Monday's New York close of R7.5025. It gained almost 2% to R7.4650 in the previous session, but erased those gains as the dollar inched up.
"I expect the rand to trade in a relatively tight range ahead of the GDP numbers. We've seen some retracement on the dollar overnight which has weighed against the rand," said Duncan Howes, currency trader at Absa Capital.
"If the GDP numbers are worse than expected the rand will probably sell off, but R7.58/60 will be a very firm resistance."
A Reuters poll showed analysts are expecting GDP figures to show the economy exited the recession in the third quarter with 0.2% growth on a seasonally adjusted and annualised quarterly basis, after three consecutive quarters of decline.
- Reuters