Rand little changed in early trade

The local currency was at 16.02 against the dollar in early trade.
Image: AdobeStock

The rand was steady against the dollar early on Tuesday, with trading volumes slow because of the previous day’s US public holiday.

At 0635 GMT the rand traded at 16.02 against the dollar, 0.12% stronger than its previous close.

The dollar index, which tracks the greenback against six other major currencies, weakened slightly to 104.32.

“It was a slow start to the new week as a lack of market-moving data releases and thin liquidity conditions due to a US public holiday kept traders on the sidelines,” ETM Analytics said in a research note.

South Africa’s central bank is due on Tuesday to publish its composite business cycle indicator, which collects data including vehicle sales, business confidence and money supply in Africa’s most industrialised nation.

The government’s benchmark 2030 bond ZAR2030= was stable at 10.240%.

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