Rand holds near multi-month high as Iran sanctions loom
The South African rand opened the week on a firm footing on Monday, hovering near its strongest level since the start of the Iran war, as a subdued dollar, higher gold prices and strength across emerging-market currencies supported the commodity-linked currency.
South Africa’s key export, gold, hit its highest level in more than three months as a subdued dollar lent support, while investors looked ahead to key US inflation data and a speech by Federal Reserve Chair Kevin Warsh later this week.
Like other risk-sensitive currencies, the rand has been at the mercy of global market sentiment, particularly since the start of the US-Iran war on February 28.
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