The South African rand gained in early trading on Wednesday, paring recent losses as global investors tracked developments in the Middle East, oil prices and economic signals from major economies.
At 0722 GMT the rand traded at 16.4950 against the dollar, up about 0.2% from its previous close.
South African stocks, government bonds and the rand currency extended losses as part of a global selloff amid escalating US and Israeli attacks on Iran on Tuesday, March 3, 2026.
“Emerging market currencies have come under pressure as investors are pulling money out of riskier markets and turning to the dollar. The rand has been among the weak performers, pushing USD/ZAR to its highest level in almost three months before stabilizing somewhat,” said Andre Cilliers, currency strategist at TreasuryOne.
Like other risk-sensitive currencies, the rand often takes cues from global drivers such as US policy in addition to local factors.
Domestic traders will also keep an eye on the S&P Global February whole-economy PMI for clues on business conditions in the country.
On the Johannesburg Stock Exchange, the Top-40 index was up 0.5% in early trading.
South Africa's benchmark 2035 government bond was also flat in early deals, as the yield fell 3 basis points to 8.295%.
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