The South African rand firmed in early trade on Tuesday, helped by the U.S. dollar languishing near its lowest level since April 2022.
At 0550 GMT, the rand traded at 17.9800 against the dollar, about 0.3% stronger than its previous close. The dollar index , meanwhile, was down about 0.2%.to affirm South Africa's sovereign credit rating on Monday, and this week's major focus is local inflation data out on Wednesday and an interest rate announcement on Thursday.
"The impact of the Fitch news on the rand is likely to be limited at best as much of what Fitch highlighted is well-known. The currency, for now, is tracking movements in the U.S. dollar," Rand Merchant Bank analysts said in a research note.to further decline to 5.6% in June from 6.3% in May, putting it back within the central bank's 3% to 6% target range for the first time since April 2022.
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