South African Rand Weakens, Demand Keeps US Dollar Firmer
South Africa’s rand weakened against currencies including the US dollar (USD), the euro (EUR) and British pound (GBP) during trading hours on Friday as demand for the greenback increased.
The rand traded at R16.68 per dollar, First National Bank (FNB) said in a brief, pressured by a firmer greenback, elevated oil prices, and persistent geopolitical tensions in the Middle East.
Against other major currencies, the rand is trading at R18.77 per euro and R22.02 per pound, with investors remaining cautious ahead of key US labour market data.
The local unit faced renewed pressure as global markets tightened, with oil prices rising amid supply concerns while yellow metal prices declined.
Brent crude rose to $102.10 per barrel, extending gains for a second day as concerns over a potential escalation in the US-Iran conflict increased the risk of supply disruptions in the Middle East.
Gold settled at $4,187.13 per ounce and remains on track for a second consecutive weekly decline as rising oil prices, a stronger US dollar and elevated Treasury yields continue to weigh on demand for the safe-haven metal.
Investors are also awaiting the US jobs report and further Federal Reserve policy signals amid concerns that an extension of escalating Middle East tensions could reignite inflationary pressures.
While regional crude flows have largely recovered, attacks on tankers and energy infrastructure have kept markets focused on the ongoing geopolitical risks facing global energy supply.
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