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Rand trades around one week low as US, Iran hostilities ramp up

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Rand was range-bound in early trade on ​Tuesday
The South African (SA) Rand was range-bound in early trade on ​Tuesday as fresh United States (US) and Iranian ‌strikes in the Gulf tested a fragile truce and weighed on risk appetite.
The Rand traded at ​16.80 against the Dollar , hovering around ⁠its weakest level since April ​29.
The US and Iran launched new attacks ​in the Gulf on Monday as they wrestled for control over the Strait of Hormuz ​with duelling maritime blockades.
Oil prices eased ​1% on Tuesday after climbing by as much ‌as ⁠6% in the previous session.
SA is a net importer of petroleum products and is heavily exposed to ​fluctuations in ​global ⁠energy prices.
Africa’s largest economy last week extended fuel tax cuts ​for May and June to ​cushion ⁠the impact of the war on households.
SA’s benchmark 2035 government bond was ⁠weaker ​in early deals, ​as the yield rose 11.5 basis points to ​8.895%.
–Reuters–
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