The South African (SA) Rand softened in early trade on Tuesday after ​Central bank data showed a decline ‌in the country’s foreign reserves last month.

The Rand traded at 16.2425 against ​the Dollar, about 0.3% down from ​its previous close.

SA’s net foreign reserves fell to $71.34 ⁠billion at the end of June ​from $73.47 billion in May.

The greenback was steady against ​a basket of currencies as investors looked ahead to minutes from the United States (US) Federal Reserve’s June ​meeting for insight into Chair Kevin ​Warsh’s monetary policy direction, while oil prices edged higher as ‌traders ⁠tracked supply recovery and demand.

“For the rand, the near-term bias should remain constructive as long as global investors are willing ​to fund ​carry and ⁠rotate into liquid emerging market assets,” ETM Analytics said in ​a research note.

On the Johannesburg Stock ​Exchange, ⁠the Top-40 index was down 0.5% in early trade.

SA’s benchmark 2035 government ⁠bond ​was weaker in early deals, ​as the yield rose 2.5 basis points to 8.22%.

–Reuters–