* Rand unchanged from Mondy close
* Govt bond auction at 0900 GMT
JOHANNESBURG, March 27 (Reuters) – South Africa’s rand held
steady against the dollar on Tuesday as investors were reluctant
to take decisive positions two days ahead of a local interest
rate meeting.
The South African Reserve Bank kicks off its three-day
Monetary Policy Committee (MPC) meeting on Tuesday while the
Treasury auctions 2.1 billion rand of its 2017, 2020
and 2041 bonds at 0900 GMT.
The rand was trading at 7.5875 to the dollar at
0620 GMT, little changed from Monday’s New York close of 7.582.
“As we drift towards the MPC this week, it is most probably
likey to stay in these ranges,” said Jim Bryson, a trader at
Rand Merchant Bank.
A poll of 24 economists surveyed by Reuters said the Reserve
Bank would keep its repo rate at historical lows of 5.5 percent.
Yields on the two main benchmark government bonds were up
just 1.5 basis points, with the 2015 yield at 6.765
percent and that on the 2026 note at 8.39 percent.
On the bourse, stocks looked set for a weaker start, with
the June futures contract of the JSE’s blue-chip Top-40 index
down 0.08 percent before the 0700 GMT start of trade.
(Reporting by Vuyani Ndaba; Editing by Ed Cropley)
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