South African Rand Strengthens To More Than 4-week High Against U.S. Dollar

The South African Rand firmed against the U.S. dollar in the European session on Wednesday, despite the release of weak inflation data for April and South Africa's ruling African National Congress denying the ouster of President Jacob Zuma at a meeting this week.

Figures from Statistics South Africa showed that South Africa's consumer price inflation eased at a faster-than-expected rate in April to the lowest level in sixteen months.

The consumer price index climbed 5.3 percent year-over-year in April, slower than the 6.1 percent rise in March. Economists had expected the inflation to ease to 5.6 percent.

Meanwhile, ANC dismissed rumors that the committee would discuss removing Zuma at the May 26-28 meeting.

The South African Rand climbed to 12.9552 against the greenback, its strongest since April 24. The next possible resistance for the Rand is seen around the 12.00 region.

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