The South African rand was subdued in early trade on Monday, with the main focus this week on domestic inflation numbers, while investors also eyed geopolitical developments which could influence the risk-sensitive local currency.

Statistics South Africa will release July inflation data on Wednesday, with analysts polled by Reuters expecting a rise to 3.6% year-on-year from 3.0% in June.

At 0632 GMT the rand traded at 17.62 against the dollar, about 0.2% weaker than Friday's close.

For the time being, ETM Analytics said in a research note, "most investors should anticipate a consolidative USD-ZAR that will take its direction from developments abroad".

"Domestic considerations will feature more prominently if the domestic inflation reading surprises strongly to the topside."

South Africa's benchmark 2035 government bond was weaker in early deals, as the yield rose 2 basis points to 9.605%.