South African Rand coins are seen in this photo illustration
Johannesburg - The rand weakened on Monday, giving back some of Friday’s strong gains.

This is as investors favoured developed market currencies after the French election result calmed fears the country would follow Britain out of the EU.

At 5pm, the rand had fallen 0.91 percent to R13.5437 to the dollar compared to a close of R13.42 on Friday in New York.

Selling of long dollar positions helped lift the rand away from one-month lows on Friday, but the greenback has since recovered as a victory by centrist Emmanuel Macron in France elections boosted developed markets.

“Markets currently pricing the relative certainty of a interest rate hike in the US in June, and the emergence of a market, euro friendly French president,” Nedbank Capital analysts said in a note.