Activity in South Africa's private sector in January contracted a its fastest pace since the end of 2021 as new orders fell due to rolling power cuts and weak economic conditions, a survey showed on Friday. S&P Global's South Africa purchasing managers' index contracted to 48.7 in January from 50.2 in December.
South Africa's rand strengthened against a weakened dollar on Wednesday as investors awaited the U.S. Federal Reserve's interest rate decision, which could signal the end of its tightening cycle. At 1559 GMT, the rand traded at 17.1775 against the U.S. dollar, 1.22% stronger than its previous close.
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