JOHANNESBURG (Reuters) -The South African rand was flat on Tuesday, extending a two-week period of stability against the dollar as investors waited for local drivers to emerge.
At 0815 GMT the rand traded at 17.3275 against the dollar, compared with Monday’s closing level of 17.3325.
“Not much appears to be moving the rand at the moment. The dollar’s movements have been largely ignored, leaving the rand to trade in a tight range,” ETM Analytics said in a research note.
A business cycle indicator that gauges the outlook for the South African economy increased 0.9% month on month in July, central bank data showed on Tuesday, though that did little to move the rand.
Other domestic data releases this week include the producer price index and a central bank report on economic trends in the second quarter.
The Johannesburg Stock Exchange’s Top-40 index was last up 0.2%.
The benchmark 2035 government bond was slightly weaker, as the yield rose 2 basis points to 9.135%.
(Reporting by Anathi Madubela;Editing by Alexander Winning and Joe Bavier)
