The South African rand strengthened ahead of inflation data from the United States and the minutes of the Federal Reserve meeting, which took place on April 10. The rand traded at 18.47 against the US dollar, around 0.9% stronger than the previous close. The dollar index last traded up 0.02% against a basket of currencies.
South Africa did not release any economic data on Tuesday. Gold and ore production and manufacturing figures for February will be released on Thursday. The rand, like most emerging market currencies, is guided by US economic data and monetary policy, in addition to local factors.
US consumer price inflation for March will provide more clues about the future path of Fed policy. On the stock market, the Top-40 index closed up 0.14%, while the broader All-hare index rose 0.2%. The benchmark South African government bond for 2030 was stronger, with the yield falling 9.5 basis points to 10.490%.
