Johannesburg - South Africa's rand weakened in early trade on Tuesday as market focus shifted to a rating review from Fitch and first-quarter economic growth numbers both expected on Wednesday.
At 06h46 GMT, the rand traded at 14.9510 per dollar, 0.34 percent softer from its New York close on Monday.
Read: Fitch expected to affirm SA's rating
The currency broke below 15.0000/dollar for first time in nearly four weeks on Monday after S&P Global Ratings on Friday affirmed the investment-grade credit status of Africa's most industrialised country.
“While rating reprieve was welcomed by government, Fitch is also due to issue rating update this week, while real GDP data is set to be released on Wednesday that should provide clearer picture of South African economy,” NKC African Economics said in a note.
Analysts expect Fitch to affirm South Africa's investment grade credit rating but lower its outlook to negative.
Fitch, which rates South Africa one step above speculative grade with a stable outlook, has not said when it will publish its review. The Treasury says it expects the review on June 8.
In fixed income, the yield for the benchmark instrument due in 2026 added 4.5 basis points to 9.1 percent, losing some momentum after firming on Monday following S&P's review.
Stocks were set to open higher, with the JSE securities exchange's Top-40 futures index up 0.35 percent.
REUTERS