Rand stable above R12/$ as geopolitics again sets tone for emerging markets
Cape Town - The rand was steady in early trade on Monday morning, changing hands at R12.07 to the dollar at 08:35.
At close on trade on Friday, it was quoted at R12.08 to the greenback.
"Geopolitics remains the key focus as we head in to the week, with specific emphasis on western military action in Syria and renewed conflict between the US and Russia," said Bianca Botes, corporate treasury manager at Peregrine Treasury Solutions:
The US Treasury is set to it impose fresh sanctions on Russia on Monday related to its involvement in Syria’s use of chemical weapons, according to US United Nations Ambassador Nikki Haley.
Botes said the US/Russia dispute could see the greenback come under pressure as markets becomes jittery.
NKC African Economics said that no major economic data releases were scheduled on Monday. It expects the local currency to trade in a range between R11.90/$ - R12.15/$.
The price of gold, meanwhile, ticked up on Friday and rose marginally in Monday's early Asian trading session.
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