Johannesburg - The rand steadied against the dollar early on Wednesday after the Reserve Bank said a domestic interest rate cut is unlikely and hopes for progress in Greek debt talks boosted sentiment.
At 08:11 the rand was trading at R12.1935/$, not far off its Tuesday New York closing level of R12.1980.
"The rand continued firmer overnight as greenback struggled to regain traction and after (the central bank) revealed that cut in domestic interest rates is unlikely despite poor growth prospects," NKC African Economics said in a note.
It added: "US jobs data starts coming out today and will likely dominate rand movements for rest of week, although a deal in Greece talks may give emerging market currencies boost."
The South African Reserve Bank said in its latest monetary policy review on Tuesday that an interest rate cut in the near future is unlikely despite poor growth prospects due to mounting inflation pressures.
Data on the latest South Africa's business confidence and HSBC Purchasing Managers' Index (PMI) is due later in the day.
In fixed income, the yield for the 2026 benchmark fell 2 basis points to 8.295%.
Rand - Dollar
19.11
+0.4%
Rand - Pound
23.80
-0.4%
Rand - Euro
20.46
-0.0%
Rand - Aus dollar
12.40
-0.2%
Rand - Yen
0.12
+0.4%
Platinum
920.40
-1.1%
Palladium
1,026.50
+1.1%
Gold
2,322.61
-0.2%
Silver
27.34
+0.6%
Brent-ruolie
87.00
-0.3%
Top 40
68,051
+0.8%
All Share
74,011
+0.6%
Resource 10
59,613
-2.2%
Industrial 25
102,806
+1.7%
Financial 15
15,897
+1.8%
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