South African rand little changed before producer inflation data

By Thomson Reuters Apr 25, 2024 | 1:34 AM

JOHANNESBURG (Reuters) – The South African rand was little changed in early trade on Thursday, as traders looked ahead to the release of domestic producer inflation figures.

At 0615 GMT, the rand traded at 19.1950 against the dollar, not far from its Wednesday close of 19.2100.

Statistics South Africa will release the March Producer Price Index around 0930 GMT.

Analysts polled by Reuters predict that March producer inflation edged up to 4.6% in year-on-year terms from 4.5% in February.

The central bank said this week that bringing consumer inflation back to the midpoint of its target range was likely to be a “bumpy and protracted” journey.

The South African Reserve Bank has held its main interest rate at 8.25% since May 2023 to combat price pressures.

(Reporting by Alexander Winning; Editing by Shri Navaratnam)