JOHANNESBURG: The South African rand was little changed in early trade on Wednesday, before the release of local consumer inflation figures that will be the main focal point for the day’s trading.
At 0535 GMT, the rand traded at 17.5425 against the US dollar, down less than 0.1% on Tuesday’s closing level.
Statistics South Africa will release September Consumer Price Index (CPI) data around 0800 GMT.
Economists polled by Reuters predict that annual inflation fell to 3.9% last month, well below the 4.5% level the central bank aims for.
South African rand firms ahead of producer inflation data
A further drop in inflation, from 4.4% in August, could encourage the South African Reserve Bank to deliver another interest rate cut at November’s monetary policy meeting, after its first cut in more than four years last month.
South Africa’s benchmark 2030 government bond was marginally stronger in early deals, with the yield down 2 basis points to 9.325%.
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