JOHANNESBURG (Reuters) -South Africa’s rand firmed on Monday ahead of local economic data releases and the Federal Reserve’s policy review later in the week.
At 1511 GMT, the rand traded at 18.6550 against the U.S. dollar, about 0.8% stronger than its previous close.
The dollar index was last trading down 0.26% against a basket of currencies.
The rand ended last week on a higher note after analysts said a recent Ipsos poll suggested there was no alternative to the governing African National Congress, despite a fall in the party’s popular support.
South African investors will turn their attention toward March money supply, trade and budget balance figures on Tuesday for clues on the health of the economy.
Global market focus will be on the U.S. Federal Open Market Committee (FOMC) meeting statement on Wednesday with investors already anticipating a delay in its rate cuts.
On the stock market, the Top-40 index closed 1.49% higher, while the broader all-share index was up 1.44%.
South Africa’s benchmark 2030 government bond was stronger, with the yield down 12.5 basis points to 10.660%.
(Reporting by Bhargav Acharya and Nellie Peyton; editing by Mark Heinrich and Sharon Singleton)
