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Forex

Rand Trades Sideways Amid Ongoing Global Tensions

Guavy AI Editorial Team
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The South African rand is trading rangebound against major currencies including the US dollar (USD), Euro (EUR) and Sterling (GBP) on Monday, as investors monitor developments in the Middle East.

Rising US Treasury yields and a stronger US dollar are putting pressure on emerging-market currencies, according to First National Bank (FNB).

The rand is currently trading at approximately R16.35 per US dollar, R18.62 per euro, and R21.64 per British pound, the bank said.

Uncertainty in the global commodity market appears to be worsening after US President Donald Trump rejected Iran's peace proposal, causing oil prices to surge.

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