The rand fell along with emerging-market currencies on Monday as investors moved back to the dollar and other safe-haven assets.
The local currency reversed Friday’s gains after Russian President Vladimir Putin ordered Russia’s nuclear deterrence forces on high alert, and the West imposed even heavier sanctions on Moscow.
At 10.11am, the rand had weakened 1.43% to R15.3434/$, having closed firmly at R15.14 on Friday. It was 0.54% weaker at R17.1484/€ and 1.17% at R20.5000/£. The euro had weakened 0.8% to $1.1177.
The Russian rouble tumbled 30% earlier — a record worst level of 101.00 against the dollar — after several Russian banks were blocked from using the Swift international payments system. At 10.15am SA time, the rouble was 14.22% weaker.
Miners were set to push the JSE firmer on the day.
The focus will be on Russia-Ukraine developments as investors consider the effects of severe sanctions against Russia. Global markets showed recovery on Friday, after plunging on Thursday following the invasion, with extreme levels of uncertainty persisting.
Ukraine and Russia are gearing up for talks this week, while the Group of 7 (G7) is meeting on Tuesday with the possibility of more efforts to isolate Russia.
At 10.20am, the JSE all share had gained 1.54% to 75,348.95 points and top 40 was up 1.72%. Industrial metals rose 4.51%, resources 4.25% and precious metals 3.77%. Banks had lost 0.73% and financials 0.44%.
At the same time in Europe, the London FTSE 100 had lost 2.05% and France’s CAC 40 2.03, while Germany’s DAX had firmed 1.53%.
Earlier in Asia, the Shanghai Composite added 0.32% and Japan’s Nikkei 0.19%, while Hong Kong’s Hang Seng lost 0.29%.
Gold gained 0.65% to $1,901.38/oz and platinum 0.21% to $1,062.5. Brent crude was little changed at $98.36 a barrel.
With Karl Gernetzky
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