JOHANNESBURG, May 20 (Reuters) – South Africa’s rand was steady on Tuesday, as investor focus turned towards this week’s budget speech and a meeting between President Cyril Ramaphosa and his U.S. counterpart Donald Trump.
At 0811 GMT, the rand traded at 18.08 against the dollar, not far from its previous close on Monday.
Finance Minister Enoch Godongwana will try to pass a budget for the third time on Wednesday, after his previous two attempts failed to gain support of some coalition partners over plans to increase tax.
The South African delegation arrived in Washington on Monday to hold talks with Trump’s administration in a bid to reset strained ties between the nations. The meeting between the two heads of state is planned for Wednesday.
On the stock market, the Top-40 index was little changed.
South Africa’s benchmark 2030 government bond was flat, with the yield at 8.88%.
(Reporting by Bhargav Acharya; Editing by Ros Russell)
