JOHANNESBURG – The South African rand was steady on Friday as markets reviewed a range of domestic data for clues on the health of Africa's most industrialized economy.
The rand traded at 16.2250 against the dollar at 1258 GMT, little changed from its previous close.
The dollar remained steady against other major currencies and was on track to end the week lower after reports that the US and Iran had agreed on a possible ceasefire extension.
“News of an agreement between the US and Iran to extend the existing ceasefire for 60 days softened the dollar and improved risk sentiment,” said Andre Cilliers, currency strategist at TreasuryOne.
Like other risk-sensitive currencies, the rand often takes cues from global drivers and has been largely influenced by changing market sentiment in recent months.
South Africa recorded a trade surplus of 15.16 billion rand ($934 million) in April, while National Treasury data showed a budget deficit of 63.57 billion rand in the same month.
South African Reserve Bank data showed that M3 money supply growth in April was 9.82%, while private sector credit growth was 9.20%.
On the Johannesburg Stock Exchange, the top-40 index was stable.
South Africa's benchmark 2035 government bond was stronger, with the yield down 4.5 basis points to 8.41%.
($1 = 16.2324 rand)