As the dollar fell ahead of U.S. inflation statistics, the rand of South Africa strengthened in early trade on Wednesday.
The rand was trading at 18.3675 against the dollar at 06:53 GMT, up 0.11% from the previous close.
The dollar dropped by about 0.04% in comparison to a basket of world currencies.
According to a Reuters poll of experts, core inflation in the United States increased 0.4% on a monthly basis and 5.6% on an annual basis in March.
In a note, currency strategist at TreasuryONE Andre Cilliers stated, “We expect the rand to remain range-bound in the lead-up to the inflation data and track the dollar’s moves against the euro and pound.”
The rand follows global trends in the absence of local causes.
Early transactions saw no change in the benchmark 2030 government bond, which has a yield of 9.935%.