The South African rand lost further ground in afternoon trade on Wednesday as weaker than expected US retail sales data took the shine off equities.
A local dealer said the rand bore the brunt as investors re-adjusted their positions in risk taking.
At 3.42pm local time the rand was bid at R7.5724/$ from R7.5046/$ at Tuesday's close. It was bid at R9.6226/€ from R9.5590/€ before and at R11.5207/£ from R11.4049/£ at its previous close.
The euro was bid at $1.2706 from $1.2719 overnight.
A local dealer said: "The weaker than expected US retail sales data took the shine off global markets, thus affecting the rand vs the dollar. We are now testing 7.57 to the greenback from 7.51 earlier in the session."
Dow Jones Newswires reports that the US dollar declined against the yen Wednesday after worse-than-expected US retail sales numbers added to a string of disappointing economic data that have cast a shadow on a US recovery.
US retail sales tumbled a second straight time in June, falling more than expected in a sign consumer spending is slowing and draining steam from an economy saddled with high joblessness.
Retail sales decreased 0.5 percent in June, the Commerce Department said Wednesday. Economists surveyed by Dow Jones Newswires had forecast a 0.3 percent decline. - I-Net Bridge
