At 9:31am the rand was 1.1% firmer against the dollar at R14.2372, 0.79% against the euro at R16.1519 and 0.93% against the pound at R18.5286. The euro was 0.31% stronger at $1.1344.
There are few major data releases this week, with focus on the dollar, the oil price and issues of the Italian deficit.
The dollar had benefited from heightened geopolitical risk, and as volatility subsided, weakness in the greenback was expected to provide a fillip for the rand, Rand Merchant Bank analyst Nema Ramkhelawan-Bhana said.
“Having recorded the best daily spot return in the emerging-markets basket, the local unit’s ability to push lower depends on whether the euro is able to consolidate recent gains and global equity losses abate,” she said.