The South African rand fell back in early trade on Wednesday, losing steam after rallying on Tuesday.
In the absence of local drivers, analysts said the focus on Wednesday was likely to be on Federal Reserve minutes that could give clues about the U.S. central bank's future interest rate path.The dollar was marginally stronger against a basket of global currencies.
Rand Merchant Bank said in a morning briefing that the rand's exchange rate against the dollar looked more comfortable after Tuesday's"Momentum lost this morning, but still a risk that rally could extend," RMB wrote. Some investors use the rand as a proxy for emerging market risk, and the currency is highly sensitive to shifts in global risk appetite.
The government's benchmark 2030 bond was slightly weaker in early deals, the yield up 2.5 basis points at 10.815%.Vladimir Putin will visit Kyrgyzstan on Thursday, the presidential office of the Central Asian country said, in what would be the Russian leader's first known trip abroad since the International Criminal Court issued a warrant for his arrest.
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