South African rand firms as dollar wobbles, stocks edge lower

JOHANNESBURG (Reuters) – South Africa’s rand rose on Tuesday as the dollar fell after U.S. President Donald Trump fired Secretary of State Rex Tillerson, while stocks weakened.

A street trader counts out change for a customer in Durban, September 8, 2015. REUTERS/Rogan Ward

At 1530 GMT, the rand traded at 11.7800 per dollar, 0.36 percent firmer than its Monday close.

Trump said on Twitter he was replacing Tillerson with Mike Pompeo, the director of the Central Intelligence Agency (CIA), and that Gina Haspel would take over from Pompeo.

The dollar was also held down by news of slowing U.S. inflation, suggesting that the Federal Reserve remained on track to raise interest rates at a gradual pace.

The rand barely reacted to local data showing manufacturing output rose 2.5 percent in…

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