Rand opens weaker as global EM jitters persist

The rand opened weaker on Monday as global risk aversion continued to put pressure on emerging market currencies.

Read: Emerging-market assets on the rack as Turkey shatters confidence

At 0640 GMT the rand was 0.2% weaker at 14.67 per dollar compared to a close of 14.64 on Friday in New York.

The greenback firmed in early trade as safe-haven demand persisted, with escalating trade tensions between the United States and its trading partners, and the plunge in the Turkish lira keeping emerging market currencies on the ropes.

With no major local economic releases due and liquidity low, traders expect the rand to be driven by technical factors, with stops at 15.00 the key bear target.

Bonds were firmer, with the yield on the benchmark bond due in 2026 down 4.5 basis points at 8.99%.

Stocks were set to open higher at 0700 GMT, with the Johannesburg Stock Exchange’s Top 40 Futures Index up 0.65%.