South African Rand coins are seen in this illustration picture taken October 30, 2020. REUTERS/Mike Hutchings/Illustration/File Photo
South Africa’s rand was little changed on Tuesday, as investors held off from placing big moves ahead of mid-term budget announcement this week.
At 1508 GMT, the rand traded at 17.7025 against the U.S. dollar, not far from its previous close.
The dollar last traded about 0.24% firmer than its previous close.
Finance Minister Enoch Godongwana’s budget policy statement to parliament on Wednesday will provide clues on the fiscal outlook of Africa’s most industrialised economy.
A Reuters poll of economists published last week predicted the budget will lay out a lower 2024/25 deficit estimate than was given in February’s main budget, but fiscal challenges are expected to slow consolidation efforts next year.
Earlier in the day, the South African Reserve Bank published the country’s M3 money supply and private sector credit figures for September.
Credit growth slowed to 4.63% from 4.95% in August, while M3 money supply growth rose to 7.25% from 6.11% over the same period.
On the Johannesburg Stock Exchange, the blue-chip Top-40 index, opens new tab closed down 0.34%.
South Africa's benchmark 2030 government bond was stronger, as the yield slipped 2 basis points to 9.27%.
Reuters