South African rand weakens on stronger dollar, oil supply risks

The South African rand traded lower against the dollar in early trade as a stronger US dollar reduced demand for risk-sensitive assets, while concerns over oil supply risks kept investors cautious. At 0635 GMT the rand traded at 16.5850 against the dollar, about 0.3% down from its previous close. South Africa's benchmark 2035 government bond was slightly weaker, with the yield rising 2 basis points to 8.825%.