Rand Slips as Oil Rises on US Iran Standoff
The South African rand fell in early trade on Monday as the ongoing US Iran standoff pushed oil prices above 107 dollars a barrel. The local stock exchange also declined while bond yields rose.
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The South African rand slipped 0.5% against the dollar in Monday morning trade as a geopolitical standoff pushed crude costs higher. The currency weakened to 16.40 per dollar as energy headwinds weighed on emerging-market economies. The move follows a rejection of a diplomatic proposal to resolve regional transit disputes.
