The South African (SA) Rand weakened in early trade on Tuesday, pressured by a firm United States Dollar before the release of central bank data that will shed light on the economic outlook.
The Rand traded at 16.6225 against the Dollar, down around 0.4% from its previous close.
The currency has been under pressure as elevated oil prices kept inflation concerns high
The Dollar edged up against a basket of currencies, and oil prices hovered $109 a barrel as the crucial Strait of Hormuz waterway remained largely shut.
SA Reserve Bank (SARB) will publish the country’s leading business cycle indicator for February, which collects data on vehicle sales, business confidence, money supply and other factors.
SA benchmark 2035 government bond was also down in early deals, as the yield rose 5.5 basis points to 8.665%.
