The rand firmed against the dollar in early trade on Tuesday in range-bound trading due to a US holiday and lack of local economic data points. At 09:25, the rand traded at R18.68 against the dollar. The dollar last traded at 102.940, around 0.02% weaker, against a basket of global currencies.
The rand traded largely sideways on Monday and the July 4 holiday in the United States is expected to constrain trade, said Rand Merchant Bank analysts in a research note. Bigger moves could come when the US Federal Reserve releases its June meeting minutes on Wednesday, said analysts at ETM. Like other emerging market currencies, the risk-sensitive rand often takes cues from global drivers such as the dollar, in the absence of local catalysts.
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