JOHANNESBURG: The South African rand weakened early on Monday as rare protests in major Chinese cities against the country’s strict zero-COVID curbs dented global market sentiment.
The protests raised investors’ concerns about the growth implications for the world’s second-largest economy.
At 0710 GMT, the risk-sensitive rand traded at 17.1500 against the US dollar, about 0.5% weaker than its closing level on Friday.
The rand is used by some investors as a proxy for emerging market risk and is highly susceptible to swings in investor confidence.
No major domestic economic data releases were due on Monday.
The Johannesburg Stock Exchange’s Top-40 index was down around 0.9% in early trade. The South African government’s benchmark 2030 bond also slipped, with the yield rising 2.5 basis points to 10.245%.