The South African Rand weakened across the board, trading lower against the US dollar, the Euro and the British pound, on Tuesday as gold, the country’s major export earner, came under pressure.

The dollar index slipped below 98.5 on Monday after briefly rising to 99.3 earlier in the session as demand slowed sharply. The markets reacted to reports that Iran had submitted a new proposal to the US aimed at reopening the Strait of Hormuz and easing tensions.

The euro (EURUSD) climbed to $1.17 on Monday as the US dollar rally slowed amid a new proposal from Iran that could end the Middle East war, while markets awaited economic data releases.

The British pound stabilised above $1.35, recovering from a two-week low, as investors prepare for a week filled with significant economic data and global interest rate decisions while also monitoring US-Iran peace talks.

The naira fell against the US dollar at the official window as pressures from rising international payments eclipsed FX liquidity in the currency market.

The naira dipped against the US dollar at the official window, as data published by the Central Bank of Nigeria (CBN) showed a slump.