The rand weakened early on Monday as a worldwide surge in COVID-19 infections put the brakes on risk-taking.
At 0700 GMT the rand was 0.19% weaker at R16.73 per greenback in comparison with Friday’s shut of R16.69.
The rand had rallied to a one-month finest in mid-week earlier than going through technical resistance across the R16.50 mark.
Buyers demand for yield was tempered by rising coronavirus circumstances regionally and overseas, in addition to resurfacing diplomatic tensions between Washington and Beijing.
“We begin the buying and selling week on a subdued threat detrimental footing because the surging variety of COVID-19 circumstances as soon as once more weighs on markets,” TreasuryOne foreign money dealer Andre Botha stated.
Greater than 14 million individuals have been reported to be contaminated by the novel coronavirus globally and 595,459 have died, in response to a Reuters tally.
Domestically, optimistic circumstances approached the 340,000, with almost 5,000 deaths.
Bonds opened flat, with the yield on the benchmark 2030 paper up 0.5 foundation factors to 9.415%.