South Africa: Rand at 4-Month Low.

The South African rand traded around 17.1 per USD, its lowest since late November, pressured by a stronger US dollar and rising crude oil prices amid ongoing Middle East tensions. The local currency is seen facing continued pressure as higher oil prices threaten to boost inflation and dampen economic prospects in energy-importing South Africa. Meanwhile, the South African Reserve Bank has kept interest rates steady at 6.75%, signaling potential hikes if inflation risks increase. This aligns with a broader global trend, as central banks pause to assess the impact of geopolitical tensions and inflationary pressures. The rand is on track for a nearly 8% decline in March, weighed down by heightened global uncertainty that spurred a shift toward dollar-denominated assets.