JOHANNESBURG: South Africa’s rand was broadly unchanged in early trade on Tuesday, before the release of a leading business cycle indicator that will give further clues about the economic outlook.

At 0630 GMT, the rand traded at 18.1850 against the dollar, not far from its closing level on Monday.

The dollar was also little changed against a basket of global currencies.

The rand lost over 7% against the greenback in May, but it has managed to recover those losses in June on the back of less intense power cuts by state utility Eskom.

The South African Reserve Bank will release the leading indicator around 0700 GMT.

South African rand and stocks weaken against stronger dollar

The indicator collects data on vehicle sales, business confidence, money supply and other factors to gauge the outlook for Africa’s most industrialised economy.

South Africa’s benchmark 2030 government bond was marginally weaker in early deals, the yield up 0.5 basis points to 10.785%. Reuters