JOHANNESBURG, Aug 27 (Reuters) – The South African rand remained broadly stable on Tuesday, ahead of the release of several local data later this week.
At 15:32 GMT, the rand was trading at 17.75 against the dollar, close to Monday’s close of 17.7575.
South African investors will focus on July producer price data on Thursday and money supply, budget and trade balance data on Friday, which could shed light on the health of Africa’s most industrialized economy.
Like other risk-sensitive currencies, the rand could be affected by global factors.
“The dollar-rand pair has found strong support at the 17.7000 level… It is as if the currency pair is waiting for a catalyst that will open the door for another leg of rand appreciation,” ETM Analytics said in a research note.
“In the short term, it is unclear what that could be.”
The South African benchmark 2030 government bond was weaker, with the yield rising 3 basis points to 9.115%.
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Reporting by Tannur Anders with additional reporting by Bhargav Acharya; Editing by Bernadette Baum and Jonathan Oatis
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