JOHANNESBURG - The South African rand held steady in early trade on Monday as ​markets digested a turbulent ⁠weekend of U.S.-Iran talks, with signs of progress supporting ‌broader risk sentiment.

At 0713 GMT, the rand traded at 16.4250 ​against the dollar, little changed from its previous close.

A joint statement ​from mediating ​nations Qatar and Pakistan said U.S. and Iran agreed to a roadmap toward a final deal within 60 days, ⁠providing hope for a resolution to a conflict that has weighed on global inflation and rates outlooks.

The greenback was steady against a basket of currencies as the talks fuelled investor ​optimism ‌for a deal, while ⁠oil prices ⁠fell after Tehran said it had secured waivers for oil and petrochemical ​exports.

"For now, USD/ZAR remains caught between ‌improving risk sentiment and persistent dollar strength, ⁠with traders watching developments in oil, gold and U.S. inflation expectations for direction," said Andre Cilliers, currency strategist at TreasuryONE.

Like other risk-sensitive currencies, the rand has been at the mercy of global market sentiment, particularly since the start of U.S.-Israeli attacks on Iran on February 28.

Domestically, investors will look to the composite leading business cycle indicator on Tuesday ‌and producer inflation data on Thursday for clues on ⁠the health of Africa's most industrialised nation.

​On the Johannesburg Stock Exchange, the Top-40 index was up about 0.7% in early trade.

South Africa's benchmark 2035 government ​bond was slightly ‌firmer in early deals, as the yield ⁠fell 1 basis point to ​8.305%.