* Rand falls further in late trade against dollar
* Yields correcting from overstretched levels
* C/Account deficit at biggest gap in over three years
JOHANNESBURG, June 21 (Reuters) – South Africa’s rand fell
against the dollar on Thursday, undermined by a disappointing
current account number which signalled weak second quarter
growth and by soft U.S. data, with sagging commodity prices also
hitting the resource-heavy rand.
The unit fell to 8.3330 in the session.
It retreated late on Thursday from 8.15 resistance hit on
Wednesday as the euro reacted to weak U.S. home sales and a
downbeat business conditions survey, which signalled growth in
the world’s biggest economy was stumbling, adding to
worse-than-expected domestic current account data.
The rand is also being battering by lower commodity prices,
especially falling demand for platinum.
In its quarterly review on Thursday, the central bank said
mining production volumes contracted sharply in the first
quarter of the year due to lower demand and labour disputes in
the industry, which produces 80 percent of the world’s platinum.
Swiss imports of the metal fell to their lowest in more two
years in May.
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