The rand appeared to be headed for weekly losses on Friday, as the dollar was buoyed by the expectation of a faster pace of US Federal Reserve interest rate rises.
The rand was fairly unchanged at 14.76 versus the dollar at 0620 GMT. Since Monday, the currency has lost 1.2 percent of its value.
The dollar index is up 1.3 percent this week, the most in a month, boosted by hawkish views from numerous Federal Reserve policymakers who advocate for a quicker pace of interest rate hikes to combat rising inflation.
Higher interest rates in industrialized nations draw money away from higher-yielding but riskier emerging markets like South Africa, putting downward pressure on their currencies.
The rand was also shaken by news on Thursday that the country’s Treasury Director-General, Dondo Mogajane, will resign in June to seek chances outside of government.
The yield on the benchmark 2030 government bond ZAR2030= fell 0.5 basis points to 9.55 percent in fixed income.
