The South African (SA) Rand was flat in early trade on Tuesday as investors tracked geopolitical developments and awaited the release of a domestic business confidence survey and a Central bank monetary policy review later in the day.
The Rand traded at 16.37 against the Dollar, a whisker away from Monday’s close.
The SA Chamber of Commerce and Industry will release its March business confidence index which will offer clues on private sector sentiment towards Africa’s most industrialised economy.
The Central bank will publish its Monetary Policy Review, which could shed light on its rate-setting trajectory this year.
Like other risk-sensitive currencies, the rand often takes cues from global drivers.
The local currency has been at the mercy of global market sentiment since the start of the United States and Israeli war on Iran at the end of February.
SA’s benchmark 2035 government bond was weaker in early deals, as the yield rose 2.5 basis points to 8.37%.
–Reuters–
