Rand softer ahead of Fed speech

Johannesburg - The rand was softer against the dollar as trade resumed on Tuesday after the long Easter weekend, with dealers expecting it to take direction mainly from Federal Reserve comments in the absence of local data.

At 07:51, the rand was at R15.5295/$, 0.48% weaker than its previous close.

Markets awaited a speech by Federal Reserve chair Janet Yellen for signals on when the US central bank is likely to raise interest rates.

"The tone of the address will largely dictate direction in coming sessions," Standard Bank trader Inshaan Omar said in a market note.

Stocks were set to open largely flat, with the JSE's Top 40 futures index dipping just 0.17%.

Government bonds weakened slightly, and the yield for paper due in 2026 edged up 1 basis point to 9.38%.