The rand had a stable start this week, opening at R12.33 to the dollar on Monday, slightly up from its previous close of R12.31/$ on Friday.
By 12:00 the rand was trading at R12.37 to the dollar.
Analysts say they expect the rand to be remain stable within the R12.25/$ to R12.50/$ range ahead of ANC birthday celebrations.
Newly elected president Cyril Ramaphosa is set to deliver the party’s annual 'January 8 Statement' this coming at the on behalf of the ANC's new national executive committee (NEC) on at the ABSA Stadium in East London on Saturday.
According to South Africa’s Treasury dealer, South Africa’s exchange-rate risk company, Phillip Pearce, “There’s nothing meaningful to note on the data front today but the annual ANC birthday celebrations should garner attention as the new NEC will have a chance to stamp their authority on ANC policy,”.
Pearce continued to say, “Sentiment should still drive markets today, with the dollar likely to rebound after a softer end to last week.”