S.African rand edges lower after 2% drop on poor PMI data, U.S. downgrade

The South African rand edged lower in early trade on Wednesday, after tumbling as much as 2% on Tuesday, as risk-off sentiment increased on concerns about global economic growth and a credit rating agency downgraded the U.S.

At 0614 GMT, the rand traded at 18.3475 against the dollar , about 0.2% weaker than its previous close.

Economic data this week showed manufacturing activity contracted in the U.S., Germany and China and other nations.

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