The South African (SA) Rand edged up in early Wednesday trading, trimming recent losses as ​global investors watched developments in the Middle ‌East, oil prices, and economic signals from major economies.

Rand traded at 16.4950 against the ​Dollar, about 0.2% up from its previous close.

On ​Tuesday SA’s stocks, government bonds and ⁠rand currency extended losses as part of the ​global selloff amid escalating United States (US) and Israeli strikes ​on Iran.

“Emerging market currencies have come under pressure as investors pull money out of riskier markets and shift toward the ​Dollar. The Rand has been among the ​weaker performers, briefly pushing Dollar and Rand to its highest level in ‌almost ⁠three months before stabilising 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 look to the Standard and Poor’s Global February whole-economy

Purchasing Managers’ Index for clues on business conditions ​in the ⁠country.

On the Johannesburg Stock Exchange, the Top-40 index was last up 0.5% in early trade.

SA’s ⁠benchmark ​2035 government bond was also steady ​in early deals, as the yield fell 3 basis points ​to 8.295%.

–Reuters–