JOHANNESBURG: South Africa’s rand was little changed early on Tuesday, as traders remained cautious ahead of US inflation figures, which could provide fresh clues on the Federal Reserve’s interest rate path.
At 0645 GMT, the rand traded at 18.6650 against the dollar, not far from its previous close.
The dollar index was broadly steady against a basket of currencies.
“Trading has been on the quiet side with low volumes,” Andre Cilliers, currency strategist at TreasuryONE, said.
Like most emerging market currencies, the rand takes direction from global factors such as US monetary policy in addition to domestic economic releases.
South African rand weaker ahead of data-filled week
South Africa has no major data due till Thursday, when gold, mining and manufacturing production figures for January are released.
South Africa’s benchmark 2030 government bond was weaker in early deals, with the yield up 2.5 basis points to 10.130%.
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