JOHANNESBURG: The South African rand gained against the dollar on Monday, erasing Friday’s loss, as the US currency weakened on global markets.

Investors are waiting for Wednesday’s US inflation data for more indications about the Federal Reserve’s next policy moves.

At 1510 GMT, the rand traded at 16.5900 against the dollar, up around 1.1% on its previous close. On Friday it saw a similar fall in percentage terms.

Tuesday is a public holiday in South Africa, and the domestic data calendar this week is light apart from June mining and manufacturing on Thursday.

South African rand steady in early trade against dollar

On the Johannesburg Stock Exchange, the All-share index closed up 1.07% and the Top-40 index 1.04%, mirroring gains in overseas equities.

South Africa’s benchmark 2030 bond was marginally stronger, with the yield down 2.5 basis points at 10.260%.