South African rand steady as dollar fades further

  • Reuters
  • Forex News
South African rand steady as dollar fades further
Credit: © Reuters.

JOHANNESBURG, April 20 (Reuters) - South Africa's rand was steady on Tuesday as the dollar remained on the back foot on global markets.

At 0747 GMT, the rand ZAR=D3 traded at 14.2200 versus the dollar, less than 0.1% stronger than its previous close. The dollar index .DXY eased 0.2%.

In recent weeks the rand has tended to take its cue from global drivers including the fortunes of the dollar, which has been losing traction as retreating Treasury yields dented its allure. showing a 2.0% month-on-month increase in the South African Reserve Bank's leading indicator - which gauges the outlook for Africa's most industrialised economy - did little to influence trading on Tuesday. Wednesday, investors will look to the consumer price index ZACPIY=ECI for clues about inflationary pressures.

Inflation has been weak since the government imposed a strict coronavirus lockdown more than a year ago, dipping below the central bank's 3%-6% target range in February. the stock market, the Top-40 .JTOPI index was down 0.13% early on Tuesday. Government bonds also dipped, as the yield on the benchmark 2030 instrument ZAR2030= rose 4.5 basis points to 9.13%.

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