Rand hits one-week low against dollar

Emerging market currencies continue to suffer as the greenback strengthens.

South Africa’s rand extended losses against the dollar on Monday, hitting a new one-week low, as a basket of currencies suffered at the hand of a stronger greenback.

At 14:37 GMT the rand was trading 0.74% weaker at 12.1240 to the dollar compared with its closing level on Friday.

“It’s a general risk-off feel to the market and also the dollar strengthened on the day,” Rand Merchant Bank trader Jim Bryson said.

The dollar index, which measures the greenback against a basket of six major currencies, was up 0.54% at 97.817 .

The rand flirted with three-week highs in the previous week before capitulating to a firming dollar, as inflation pressures increased with local petrol prices set to rise 14% on Wednesday.

Government bonds also weakened, and the yield for the 2026 benchmark was up 8 basis points to 7.910%.

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