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The South African rand weakened to around 16.5 per US dollar on Thursday, giving back some of its recent gains after reaching one-month highs. Deteriorating risk sentiment amid mounting geopolitical tensions pushed oil prices higher, weighing on the currency given South Africa’s reliance on fuel imports. At the same ti
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 benchma