During early deals on Thursday, the South African rand rose to a 2-day high of 9.3825 against the US dollar. The next upside target level for the rand is seen at 9.3605. At yesterday's close, the dollar-rand pair was quoted at 9.5021.
Statistics South Africa said today that producer prices for domestic output rose 7.3% annually in February, at a much slower pace than the 9.2% in the previous month. Economists expected producer prices to increase 7.5%. Month-on-month, producer prices fell 0.3% in February compared to a 0.7% fall in January. Economists expected a decrease of 0.1%.
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