Illustration photo of South African rand
Johannesburg - The rand was little changed on Wednesday in the absence of markets-moving events.

At 5pm, the rand was bid at R13.2853 to the dollar, less than a cent weaker than at the same time on Tuesday.

“There’s not a lot going on in the market at the moment. There are no headlines for the rand to take any certain direction,” said TreasuryOne currency dealer, Andre Botha.

The dollar crept higher earlier yesterday, a day after dropping to a three-week low against a basket of major currencies amid a repricing of expectations of the US Federal Reserve rate increases and concerns about President Donald Trump’s ability to deliver a promised fiscal boost.

In fixed income, the yield for the benchmark government bond due in 2026 declined yesterday.