The South African rand was weaker in early trade on Tuesday, having jumped more than 1% in the previous session, as markets awaited U.S. inflation data on Wednesday that could shed light on the Federal Reserve's interest rate path.
The dollar last traded around 0.08% stronger against a basket of global currencies.
"Data/event risk is low, and markets are really in wait and see mode for tomorrow afternoon's U.S. CPI report," Rand Merchant Bank analysts said in a research note. Like other emerging market currencies, the risk-sensitive rand often takes cues from global economic events such as U.S. monetary policy in the absence of major local drivers.Reporting by Tannur Anders; editing by Christina Fincher
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