South Africa’s rand flat against a subdued dollar

South Africa’s rand was flat against the dollar on Monday, holding around the gains made in the previous session.

The rand stood at 14.770 versus the greenback by 0639 GMT, at par with Friday’s overnight close in New York.

“There are no significant data releases today and the rand is holding firm, well below the R15.00/$ mark, as the dollar remains subdued,” Peregrine Treasury Solutions said in a note.

The rand had firmed on Friday after the government released a long-delayed plan for electricity generation to address crippling power cuts.

The re-introduction of rolling blackouts earlier in the week had hurt the currency. State-run power firm Eskom said on Sunday there were no cuts planned for Monday.

Government bonds slipped slightly, with the yield on benchmark 2026 instrument rising 1.5 basis points to 8.255%.

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