Johannesburg - The rand was flat against the dollar early on Monday, but traders and analysts said it could turn weaker if the October trade deficit came in bigger than expected later in the session.
The JSE's Top-40 futures index was down 0.26%, suggesting the bourse would get off to a slightly soft start at 09:00.
By 08:45 the rand traded at R14.4115/$, hardly changed from Friday's close of 14.4025.
The rand barely moved after a Reserve Bank report at 08:00 showed growth in private sector credit demandn quickened to 8.87% in October on the year, from 8.39% in September.
Investors awaited more data from the revenue service at 14:00, which could weigh on the rand. Economists surveyed in a Reuters poll expected a widening to R4.9bn in the October trade deficit, after an R890m gap in September.
"A wider than consensus deficit print today could be rand negative if it raises concerns about a continued widening in South Africa’s current account deficit," Barclays Africa said in a market note.
Government bonds weakened in early trade, with the yield for debt due in 2026 rising 2.5 basis points to 8.585% from Friday's close.