Rand Weakens Against Major Currencies Amid Geopolitical Tensions

The South African rand weakened against major currencies on Friday, including the US dollar (USD), euro (EUR), and British pound (GBP). The rand traded at R16.68 per dollar, pressured by a firmer greenback, elevated oil prices, and ongoing geopolitical tensions in the Middle East.

Ongoing supply concerns in the region have pushed Brent crude up to $102.10 per barrel, extending gains for a second day. Gold prices declined, settling at $4,187.13 per ounce and tracking its second consecutive weekly decline due to rising oil prices, a stronger US dollar, and elevated Treasury yields.

Investors remain cautious ahead of key US labour market data, which could further impact the rand's performance. The local unit faced renewed pressure as global markets tightened, with regional crude flows largely recovered but ongoing attacks on tankers and energy infrastructure keeping markets focused on geopolitical risks facing global energy supply.