Bengaluru — South Africa’s rand steadied in early trade on Monday as investors brace for fresh clues after an unexpectedly strong U.S. jobs report supported the case for more big interest rate hikes from the Federal Reserve.
At 0637 GMT, the rand traded at 16.7650 against the dollar, near its previous close of 16.7775.
The dollar index , which measures the currency against six rivals, last stood at 106.59, not far off from a Friday peak of 106.93.
In the absence of major local economic data points, all eyes on Monday will be on U.S. Secretary of State Anthony Blinken, who is on a visit to South Africa, where he is expected to outline the U.S. government’s approach to Africa.
The government’s benchmark 2030 bond was marginally weaker in early deals, with the yield up 2 basis points to 10.305%.
*Bhargav Acharya; Editing: Toby Chopra – Reuters
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