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South Africa’s rand was steady in early trade on Tuesday, as investors look ahead to minutes from the Federal Reserve’s December policy meeting for clues on its interest rate path for 2023.
At 0722 GMT, the rand traded at 16.9800 against the dollar, little changed from its previous close of 16.9775.
The minutes of the Fed’s December policymaking meeting are due to be released on Wednesday.
The risk-sensitive rand had a volatile 2022 as domestic factors such as power cuts, port strikes and political turmoil weighed on the currency, in addition to economic and geopolitical events elsewhere.
The rand is highly susceptible to global drivers such as U.S. monetary policy.
On the stock market, the Top-40 (.JTOPI) index was up 0.4%, while the broader all-share (.JALSH) index was up nearly 0.3% in early trade.
The government’s benchmark 2030 bond was weaker in early deals, with the yield up 2.5 basis points to 10.210%.
