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The South African rand held steady in early trading on Tuesday after data from the central bank showed an increase in the country’s foreign reserves last month.
At 0701 GMT, the rand traded at 17.2050 to the U.S. dollar, showing little movement from Monday’s close.
Figures from the South African Reserve Bank indicated that net foreign reserves rose to $67.865 billion at the end of September, up from $65.899 billion in August. Nedbank economists had anticipated a smaller rise, projecting reserves at around $67.5 billion.
Meanwhile, the dollar strengthened by 0.2% against a basket of major currencies, while gold surged to a record high as concerns over a potential U.S. government shutdown kept investors cautious.
“Domestically, SA has struggled to take full advantage of the commodity boom cycle, but that does not mean it is not positively influencing the currency,” said ETM Analytics in a research note.
Despite uncertainty over the renewal of the U.S. African Growth and Opportunity Act (AGOA), a key trade pact, the rand has shown resilience.
South Africa’s benchmark 2035 government bond remained flat in early trading, with the yield inching up by half a basis point to 9.23%.
