JOHANNESBURG, July 6 (Reuters) – South Africa’s rand firmed slightly against the dollar on Tuesday in a market seeking direction from global trading patterns, with little news on the domestic front to drive the currency.
At 0641 GMT, the rand ZAR=D3 traded up 0.43 percent at 7.72 to the greenback after ending Monday’s session at 7.7530.
Traders were expecting business to pick up after a quiet Monday, when U.S. markets were closed for Independence Day.
“Markets did very little (yesterday), including dollar/rand. If you look at the action overnight, it was very thin,” a currency dealer in Johannesburg said.
“Everyone’s back today but we need to get a bit of momentum going and see where the flow is. It seems towards 7.76 there seem to be some pretty good offers, and to the lower 7.70s, good bids.”
Government bonds ticked up marginally, pulling yields a bit lower. The yield on the benchmark 2015 ZAR157= dipped 1.5 basis points to 7.905 percent, and that for the 2036 bond ZAR209= bond was down one basis point at 8.905 percent.
The JSE stock exchange’s blue-chip blue chip Top-40 September futures contract ALSIc1 was up 0.67 percent ahead of the 0700 GMT start of trade, after ending weaker on Monday.
(Reporting by Stella Mapenzauswa; Editing by John Stonestreet)