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Rand weakens as Greece talks break down

Johannesburg - The rand weakened against the dollar early on Monday as demand for riskier assets waned after the latest talks aimed at solving Greece's debt crisis ended without a resolution.

READ: Greece and creditors fail to reach deal

At 08:15 the rand was trading 0.46% weaker at R12.4350/$ compared with its New York closing level on Friday.

"The rand is at risk of renewed weakness this week given the fears over Greece and caution in front of the (US Federal Reserve) meeting," John Cairns of Rand Merchant Bank said in a note.

European Union officials blamed the collapse of debt talks on Athens, which it said had failed to offer any new concessions to secure funding it needs to repay €1.6bn to the International Monetary Fund.

The Fed's policy-setting committee will hold a regular meeting on Tuesday and Wednesday this week and is expected to leave interest rates on hold.

But the market will be focusing on policymakers' comments for clear signals on when the US central bank will make its first interest rate hike in nearly a decade.

On the domestic front, May consumer price inflation and April retail sales data were due to be released on Wednesday.

In fixed income, the yield for the 2026 benchmark was flat at 8.360%.

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18.90
+0.2%
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23.84
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