At 0645 GMT, the rand traded at 16.2175 versus the U.S. dollar, near the previous session's close.

Consumer price index data, due at 0800 GMT, is expected to show inflation stayed flat at around 3% year-on-year in September, reflecting weak demand in Africa's most industrialised economy.

Mboweni's budget speech will start around 1200 GMT and lay out high-level spending priorities for the next three years.

A Reuters poll last week predicted the minister would announce a marginally wider budget deficit forecast than the one that featured in June's emergency coronavirus budget.

Mboweni is also expected to unveil more bailouts for ailing state-owned companies, such as South African Airways, which have been a long-term drain on stretched public finances.

Government bonds were also flat, with the yield on the 2030 instrument at 9.25%.

(Reporting by Alexander Winning; Editing by Aditya Soni)