The rand lost 4% to the dollar in early trade on Monday as it continued to be dragged lower by the Turkish lira and Russian rouble.

The local currency opened at R14.13/$ and was changing hands at R14.65 to the greenback at 07:46. By 08:32 it had strengthened somewhat to trade at R14.37/$.

Bianca Botes of Peregrine Treasury Solutions said in a morning note that there was little local policymakers can do to assist at the moment.

“The rand is being subjected to global sentiment – or rather lack thereof – in the emerging market space […] The sell-off in emerging market assets will continue to be broad based for now and all one can do is ride it out.”

“There is some rand support to be found at R15.00, which has become the next big psychological level, while a range of R14.50/R15.00/$ can be expected.”