The South African rand edged up in early trading on Monday as investors awaited a batch of month-end economic data to assess the state of Africa's largest economy, while also monitoring anti-immigration protests planned for Tuesday.
At 0653 GMT, the rand traded at 16.42 to the dollar FX_IDC:USDZAR, about 0.2% stronger than its previous close.
The dollar TVC:DXY was flat against a basket of currencies, while oil prices rose on Monday following days of tit-for-tat strikes by the U.S. and Iran that underscored the fragility of their interim peace deal and again slowed energy shipping through the Strait of Hormuz.
On the domestic front, investors will track releases including South Africa's money supply (ZAM3=ECI), private sector credit (ZACRED=ECI), the central bank's inflation expectations survey, as well as trade balance (ZATBAL=ECI) and budget balance (ZABUD=ECI) data.
However, ETM Analytics said in a note that these indicators may be overshadowed by Tuesday's anti-immigration protests, which it flagged as the main near-term risk.
"Once this risk passes and the week progresses, the rand should begin to trade within a range more reflective of global oil prices and broader risk sentiment," said ETM Analytics.
South Africa's benchmark 2035 government bond (ZAR2035=) was stronger in early deals, as the yield fell 1 basis point to 8.175%.