FX.co ★ South African Rand Subdued

The South African rand slipped toward 16.6 per dollar, its weakest level in nearly three weeks, as escalating tensions in the Middle East eroded risk appetite and prompted investors to seek safety in the US dollar. The currency came under additional pressure from declines in key precious metals, including gold and PGMs, which reduced an important source of support. At the same time, oil prices surged after Iran and Israel exchanged strikes for the first time since the April 8 ceasefire, reviving concerns about inflation and the prospect of further policy tightening by major central banks.