JOHANNESBURG: The South African rand edged higher in early trade on Wednesday against a muted dollar and was set to take cues from global factors, analysts said, in the absence of local economic data points.

At 0634 GMT, the rand traded at 18.9950 against the dollar, more than 0.2% stronger than its previous close of 19.0275.

The dollar last traded around 0.02% weaker against a basket of global currencies.

“There are new and meaningful two-way pressures on USD/ZAR, but it seems happy at around or just over the 19.00 level… but risks remain elevated on the global pressures,” said Rand Merchant Bank analysts in a morning briefing.

South African rand opens flat, global factors in driving seat

US Treasury yields held off from their highs seen on Monday, providing a “big relief for global markets”, RMB added.

No major local data is expected until producer price inflation figures on Thursday.

South Africa’s benchmark 2030 government bond was flat in early deals, with the yield at 10.675%.