Rand weakens in early trade against the US dollar as risk appetite falters
|Published
The rand weakened in early trade on Monday, as risk appetite faltered after Western nations announced fresh sanctions to punish Russia for its invasion of Ukraine, and Vladimir Putin put nuclear-armed forces on high alert. Picture: Steve Buissinne/Pixabay
THE rand weakened in early trade on Monday, as risk appetite faltered after Western nations announced fresh sanctions to punish Russia for its invasion of Ukraine, and Vladimir Putin put nuclear-armed forces on high alert.
At 0606 GMT, the rand traded at R15.3350 against the dollar, 1.29 percent weaker than its close on Friday.
The US and its allies on Saturday moved to block certain Russian banks' access to the SWIFT international payment system, which traders and analysts said could disrupt Russian exports of all commodities from oil and metals to grains.
Putin put Russia's nuclear deterrent on high alert on Sunday, the fourth day of the biggest assault on a European state since World War II.
Local focus will be the on economic data releases: the revenue agency will publish January trade balance figures at 1200 GMT and the National Treasury will release January budget balance numbers.
Government bonds also weakened, with the yield on the benchmark 2030 paper rising 7 basis points to 9.335 percent.
REUTERS