South African rand steady as investors track stalled US-Iran talks, await local month-end data
The South African rand was steady in early trade on Friday as stalled US-Iran peace negotiations kept Middle East tensions high, while local traders await month-end data for insights into the economy. South Africa's benchmark 2035 government bond yield rose 6.5 basis points to 8.69% in early deals.
The South African rand was steady in early trade on Friday. At 0717 GMT, it traded at 16.6175 against the dollar, little changed from its previous close. Stalled US-Iran peace talks and Iran's display of control over the Strait of Hormuz kept oil prices high, affecting South Africa as a net energy importer. Local traders await month-end data, including business cycle indicators and inflation numbers, for economic insights. Headline consumer inflation is expected to have risen significantly in April due to fuel price hikes. South Africa's 2035 government bond yield rose to 8.69%.
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