South Africa’s rand advanced early on Monday, as the safe-haven dollar nudged down from multi-year highs.

At 0731 GMT, the rand traded at 17.0050 against the dollar, 0.34% stronger than its previous close. The US dollar index, which measures the buck against six major peers, dropped 0.39% to 107.45.

Economists at ETM Analytics said in a note that the rand’s value against the dollar would continue to consolidate around the 17.0000 level until a new catalyst arises.

On the stock market, the Top-40 index and the broader all-share index rose more than 2% in early trade.

South African rand at 21-month low as dollar strength weighs

The government’s benchmark 2030 bond was flat in early deals, with the yield at 10.965%.