The rand was stable yesterday ahead of the Federal Reserve’s monetary policy decision due today.
At 5.30pm, the rand traded at R18.9375 against the dollar, near its previous close of R18.94.
The dollar was last trading up about 0.31% against a basket of global currencies.
Recent US economic data has pointed to stubbornly high inflation, causing investors to temper their expectations of the pace and scale of Federal Reserve rate cuts this year.
Like most emerging market currencies, the rand often takes its cues from global factors such as US monetary policy in addition to domestic events.
In South Africa, the focus this week will be on February inflation figures due on Wednesday. Economists polled by Reuters have predicted that annual inflation will inch up to 5.5%, from 5.3% in January.
On the stock market, the Top40 index closed nearly 1% lower.
South Africa’s benchmark 2030 government bond ZAR2030= was marginally stronger, with the yield down 1.5 basis points to 10.480%.
REUTERS