JOHANNESBURG: South Africa’s rand edged lower early on Monday, with analysts saying global market factors were likely to set the tone for the day’s trade in the absence of major domestic economic releases.

At 0628 GMT, the rand traded at 18.79 against the dollar , about 0.3% weaker than its previous close.

The dollar index was last trading up 0.06% against a basket of currencies.

“We expect the Rand to consolidate in an R18.60/18.85 trading range in the short term as it tracks international moves,” said Andre Cilliers, currency strategist at TreasuryONE.

South African rand firms against weaker dollar

The rand was propped up to an extent by a surge in gold prices last week, which took a breather on Monday ahead of a US inflation report on Tuesday.

South Africa’s benchmark 2030 government bond was marginally stronger in early deals, with the yield down 0.5 basis point to 10.105%.