Johannesburg - The rand weakened on Monday as the eurozone crisis deepened after Greek voters rejected terms of a rescue package, sending investors into safer havens and hitting sentiment for emerging market currencies.
At 08:10, the rand was almost half a percent weaker against the greenback at R12.3475, compared with Friday's close in New York of R12.3005/$.
"The rand has kicked weaker in reaction to the Greek "nay" vote, but the worst may already be past," said Rand Merchant Bank in a note to clients.
READ: Greeks defy Europe with overwhelming 'No'
"Greece will continue to dominate the news and expect ongoing volatility in the euro to spill over into the rand."
The eurozone is South Africa's largest export destination and the rand often tracks Europe's single currency.
READ: Euro picks up after Greek finance minister quits
The latest reports from Greece said around 61% of those voting in the referendum had backed the government and rejected the bailout conditions.
Government bonds were firmer, with the yield on the benchmark 2026 bond up a basis point to 8.260%.