JOHANNESBURG: South Africa’s rand traded lower early on Thursday, as the US dollar weakened ahead of key US inflation data that could influence the Federal Reserve’s future interest rate hikes.
At 0633 GMT, the rand traded at 17.8000 against the dollar, 0.11% weaker than its previous close.
The dollar index, which tracks the dollar against a basket of other currencies, was down more than 0.1%.
The US consumer price index (CPI) report for October is due at 1330 GMT.
Economists expect core inflation to decline on both a monthly and an annual basis.
South African rand slips as US dollar steadies
ETM Analytics wrote in a research note that US factors continue to dominate the rand’s short-term direction, but South Africa’s problems loom large.
The government’s benchmark 2030 bond was unchanged in early deals, with the yield at 10.500%.
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