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Battered stocks lick wounds, the rand stretches losing streak

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Emerging market stocks bounced for the first time in nine sessions on Tuesday but gains were limited by fears of a slowdown in China and a hawkish U.S. Federal Reserve, while the rand struggled to break higher.

South Africa's rand weakened for the seventh straight session, remaining at its lowest level since early January. The currency was last down 0.4% against the greenback.

Emerging market currencies that had previously benefited from surging commodity prices triggered by the Ukraine war are gradually coming off their strong run as the reality of inflationary pressure, higher developed market rates coupled with a more mature period in emerging market monetary tightening cycles sets in.

The Russian rouble opened higher against the dollar in Moscow trade, while hitting a more than two-year high against the euro. Investors now look ahead to an expected rate cut on Friday.

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