File image
JOHANNESBURG - The rand was a touch weaker in early deals on Wednesday as traders refrained from making any large moves ahead of the budget speech later in the day.

* At 0655 GMT, the rand traded at 11.75 versus the dollar, 0.17 percent weaker from its overnight close in New York.

* NKC African Economics expects the currency to trade in an 11.60-11.95/dollar range on budget Wednesday.

* Investors are also focusing on an expected cabinet shake-up under new President Cyril Ramaphosa and the future of Finance Minister Malusi Gigaba, who is due to deliver the budget speech in the afternoon.

* Stocks opened little with the benchmark JSE-Top 40 index at 51,071.

* In fixed income, government bonds were flat, with the yield on the benchmark instrument due in 2026 ZAR186= at 8.10 percent.

For more information on #Budget2018 please visit our Budget section on Business Report.

-REUTERS