JOHANNESBURG (Reuters) -South Africa’s rand was little changed on Tuesday after the release of a local business confidence index and the central bank’s bi-annual Monetary Policy Review.
At 1501 GMT, the rand traded at 17.6050 against the dollar, near its previous close of 17.60.
The dollar last traded about 0.04% softer against a basket of global currencies.
South African business confidence dipped in September on lower vehicle and retail sales and a drop in the value of building plans, but the overall trend since May’s election remains positive, data from the South African Chamber of Commerce and Industry showed.
Meanwhile the South African central bank said it would shift its policy focus to monitoring how core inflation and inflation expectations respond as price pressures continue to moderate.
With a light domestic calendar, local investors will continue to watch developments indicating the Federal Reserve’s rate-cutting path and Chinese asset volatility, both of which could influence the risk-sensitive rand’s direction.
In stocks, the Top-40 index closed 0.52% lower.
South Africa’s benchmark 2030 government bond was marginally weaker, with the yield up 1 basis point at 9.215.
($1 = 17.6086 rand)
(Reporting by Tannur Anders and Bhargav AcharyaEditing by Gareth Jones)
