JOHANNESBURG: South Africa's rand fell in early trade on Tuesday, as markets awaited initial results of Monday's municipal elections and ahead of several key global central bank meetings that could set the tone for risk appetite heading into next year.

At 0600 GMT, the rand traded at 15.4500 against the dollar, 0.21% weaker than its previous close.

Vote counting in municipal elections was under way on Tuesday.

The poll took place as the ruling African National Congress (ANC) is facing mounting discontent over poor services and stark inequality 27 years after the end of white minority rule.

On global events, immediate focus was on the Reserve Bank of Australia's (RBA), which on Tuesday took a major step toward unwinding extraordinary pandemic stimulus policies by abandoning an ultra-low target for bond yields and opening the door for an earlier hike in cash rates.

The US Federal Reserve and Bank of England are due to hold their policy decisions later in the week.

Higher rates in developed countries often drain capital away from higher-yielding but riskier emerging markets such as South Africa, weighing on their currencies.