Rand weakens on strong dollar pressures

The rand was trading 0,63 percent weaker to the dollar at 11,7280, extending the previous week's losses.

FILE: South African rands. Picture: EWN.

JOHANNESBURG - The rand weakened against the dollar on Monday, in line with other emerging-market currencies, after the greenback strengthened on growing prospects of a rise in US interest rates.

At 1502 GMT the rand was trading 0,63 percent weaker to the dollar at 11,7280, extending the previous week's losses triggered by poor trader numbers.

The dollar hit an 11-year high against a basket of currencies on hopes of interest rates hike from the US Federal Reserve, exerting pressure on emerging-market currencies across the board.

"Emerging markets are under pressure, there is very much a risk-off tone to the market," Rand Merchant Bank trader Jim Bryson said.

With the domestic data calendar light for most of the week, attention will be on offshore data releases, with the closely watched US non-farm payrolls figures expected on Friday.

Government bonds gained, and the yield for the 2026 benchmark was down 1,5 basis points to 7,625 percent.