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Johannesburg - The rand stabilised against the dollar on Tuesday a day after sliding to a five-year low, as a sell-off of emerging market assets eased.
The rand, which weakened to R11.2550/$ on Monday, traded at R11.0500/$ at 15:40 GMT, little changed from Monday's New York close.
Investors took a breather from dumping emerging market currencies amid hopes that Turkey's central bank would tighten policy to shore up the lira at an emergency meeting later in the day.
The central bank in Ankara is expected to raise rates after its decision not to do so last week sent the lira tumbling. Its statement is due at 22:00 GMT.
While investors anticipate more emerging markets will tighten policy, South Africa's Reserve Bank is expected to hold its repo rate at 5% at the end of a three-day policy meeting on Wednesday.
Despite fears that the weak rand could stoke inflation, the bank may delay raising interest rates given tepid economic growth, analysts said.
The yield on the 2026 government bond rose 4 basis points to 8.715% while that on 2015 paper climbed 12 basis points to 6.695%.
South Africa's Treasury sold a total of R2.35bn ($210m) of its 2030, 2037 and 2041 government bonds on Tuesday.
The rand, which weakened to R11.2550/$ on Monday, traded at R11.0500/$ at 15:40 GMT, little changed from Monday's New York close.
Investors took a breather from dumping emerging market currencies amid hopes that Turkey's central bank would tighten policy to shore up the lira at an emergency meeting later in the day.
The central bank in Ankara is expected to raise rates after its decision not to do so last week sent the lira tumbling. Its statement is due at 22:00 GMT.
While investors anticipate more emerging markets will tighten policy, South Africa's Reserve Bank is expected to hold its repo rate at 5% at the end of a three-day policy meeting on Wednesday.
Despite fears that the weak rand could stoke inflation, the bank may delay raising interest rates given tepid economic growth, analysts said.
The yield on the 2026 government bond rose 4 basis points to 8.715% while that on 2015 paper climbed 12 basis points to 6.695%.
South Africa's Treasury sold a total of R2.35bn ($210m) of its 2030, 2037 and 2041 government bonds on Tuesday.
