JOHANNESBURG (Reuters) -South Africa’s rand strengthened on Tuesday, ahead of U.S. inflation data and Federal Reserve meeting minutes due on Wednesday.
At 1527 GMT, the rand traded at 18.47 against the U.S. dollar, about 0.9% stronger than its previous close.
The dollar index was last trading up 0.02% against a basket of currencies.
There were no economic data releases due in South Africa on Tuesday. Gold and mining production and manufacturing figures for February will be released on Thursday.
The rand, like most emerging market currencies, takes direction from U.S. economic data and monetary policy in addition to local factors.
U.S. consumer price inflation for March will provide further clues on the Fed’s future policy trajectory.
On the stock market, the Top-40 index closed 0.14% higher while the broader all-share index ended up 0.2%.
South Africa’s benchmark 2030 government bond was stronger, with the yield down 9.5 basis points to 10.490%.
(Reporting by Nellie Peyton and Bhargav Acharya; Editing by Andrew Heavens, William Maclean)
