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Johannesburg - The rand recouped some of its overnight losses against the dollar on Friday but could be on the back foot in quiet trading ahead of a G20 meeting, while futures hinted at the bourse opening down.
At 08:44, the rand was up 0.39% at R6.9460 against the dollar after ending Thursday's session at R6.9750.
The domestic currency hit a session low of R7.00/dollar on Thursday, its weakest level since October 5, as investors turned cautious ahead of the G20 meeting of finance ministers.
The meeting in South Korea will seek agreement on a common path to manage currency, trade and macroeconomic imbalances ahead of a leadership summit in Seoul next month.
"There's a whole lot of noise around currency devaluations and quantitative easing and that's going to be in the debate, and the market will wait until we get some clarity from the G20 over the weekend," said Nedbank trader David Gracey.
The rand is still up more than 27% against the dollar since the start of 2009, a rally that has been driven largely by investors seeking high-yielding assets in emerging markets.
Latest data shows foreigners bought a net of R3.68bn worth of South African bonds in the week to October 15, bringing to R70.8bn the net purchase of bonds in the year to date - nearly six times the same period last year.
On Friday the blue-chip futures contract traded 0.22% lower from its previous close, ahead of the start of trade on the JSE securities exchange at 09:00.
At 08:44, the rand was up 0.39% at R6.9460 against the dollar after ending Thursday's session at R6.9750.
The domestic currency hit a session low of R7.00/dollar on Thursday, its weakest level since October 5, as investors turned cautious ahead of the G20 meeting of finance ministers.
The meeting in South Korea will seek agreement on a common path to manage currency, trade and macroeconomic imbalances ahead of a leadership summit in Seoul next month.
"There's a whole lot of noise around currency devaluations and quantitative easing and that's going to be in the debate, and the market will wait until we get some clarity from the G20 over the weekend," said Nedbank trader David Gracey.
The rand is still up more than 27% against the dollar since the start of 2009, a rally that has been driven largely by investors seeking high-yielding assets in emerging markets.
Latest data shows foreigners bought a net of R3.68bn worth of South African bonds in the week to October 15, bringing to R70.8bn the net purchase of bonds in the year to date - nearly six times the same period last year.
On Friday the blue-chip futures contract traded 0.22% lower from its previous close, ahead of the start of trade on the JSE securities exchange at 09:00.
