Global investors are hoping that U.S.-led strikes on Syria would not escalate into a wider conflict.
JOHANNESBURG – South Africa’s rand was slightly stronger early on Monday as global investors hoped that U.S.-led strikes on Syria would not escalate into a wider conflict.
At 08:28am, the rand traded at 12.0700 versus the dollar, around 0.1 percent stronger than its close on Friday.
The rand was volatile last week, see-sawing over global trade war fears and tensions between the United States and Russia over Syria. Domestic factors receded.
On Monday U.S. stock futures firmed and oil prices fell on relief that the attack on Syria had been limited in scale.
Analysts at NKC Research said they expected the South African currency to trade in a range of 11.90 to 12.15 to the dollar on Monday.
Government bonds were little changed early on Monday, with the yield on the benchmark instrument due in 2026 down 1 basis point to 8.075 percent.