JOHANNESBURG: South Africa's rand was little changed in early trade on Wednesday, while the dollar inched higher against major currencies amid warnings of an impending recession.
At 0658 GMT, the rand traded at 17.3500 against the dollar, not far from its previous close.
The risk-sensitive rand had strengthened on Tuesday, as markets welcomed a surprising jump in economic growth figures and a pause in the political turmoil around President Cyril Ramaphosa amid the "Farmgate" scandal.
The dollar index was last trading 0.22% higher at 105.78, which has been on the front foot since the release of upbeat U.S. services and factory data at the start of the week.
Comments by top bankers from JPMorgan Chase & Co, Bank of America and Goldman Sachs further aided the greenback, after they said overnight that the banks are bracing for a worsening economy next year.
"Currencies are keeping within fairly narrow ranges with good U.S. economic data raising the likelihood of inflation remaining elevated and the Fed having to continue raising interest rates," Andre Cilliers, currency strategist at TreasuryONE, said.
The South African government's benchmark 2030 bond was lower in early deals, with the yield up 2.5 basis points to 10.630%. (Reporting by Bhargav Acharya; Editing by Andrew Heavens)