The rand opened sharply weaker on Thursday, as investors dumped riskier assets after Russian forces attacked Ukraine.

Investor sentiment was also dampened by Fitch Ratings pointing to difficulties containing spending and warning that recent strong revenue growth may prove temporary, in response to Wednesday’s 2022 budget.

At 0555 GMT, the rand traded at 15.2800 against the dollar, around 0.9 percent weaker than its closing level on Wednesday.

Global stocks dived, while the dollar, gold and oil prices rocketed higher.

Overnight, Russian President Vladimir Putin authorised what he called a special military operation in eastern Ukraine. However, Ukraine’s Foreign Minister Dmytro Kuleba said on Twitter that Russia had launched a “full-scale invasion”.

Around 0930 GMT, Statistics South Africa was due to release the January producer price index (PPI), providing further clues about inflationary pressures in Africa’s most industrialised economy. Economists polled by Reuters predict PPI will ease to 10.5 percent from 10.8 percent in December.

From 1030 GMT onwards, Finance Minister Enoch Godongwana will address lawmakers on the Budget, which forecast public debt would peak sooner and at a lower level than earlier expected.