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Rand cheers narrow deficit, easing CPI

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Cape Town -  The rand hit 20-month lows on Wednesday following a boost from a narrow current account deficit and lower consumer price inflation.

By 16:42 the local unit was trading at R12.59 after earlier hitting R12.57 to the greenback. The range for the day was R12.57 to R12.73.

The SA Reserve Bank (SARB) announced on Wednesday that the current account deficit for the fourth quarter of 2016 has narrowed to 1.7% of GDP, the lowest seen in almost 6 years.

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