FX.co ★ South African Rand Jumps on Ceasefire Optimism

The South African rand strengthened sharply to around 16.5 per USD, its highest level in nearly a month, supported by renewed global demand for emerging-market assets following the two-week ceasefire agreement. This positive shift has helped to partially reverse the rand’s losses incurred since the onset of the US-Israeli war on Iran in late February, with additional support coming from lower oil prices, higher gold and other precious metal prices, and a softer US dollar.