South African Rand coins are seen in this illustration picture taken October 28, 2020. REUTERS
JOHANNESBURG, March 31 (Reuters) – The South African rand was slightly firmer in early trade on Tuesday, but it was on course to end the month about 7% weaker against the dollar after a selloff triggered by the Iran war.
- At 0610 GMT the rand traded at 17.1575 against the dollar , about 0.3% firmer than its previous close.
- The rand has been at the mercy of global market sentiment since the U.S. and Israel started the war in late February and Iran retaliated.
- The rand had a strong 2025 and had started 2026 on the front foot, making it vulnerable to a correction.
- Analysts say the currency will continue to take its direction from developments in the Middle East, though local economic data could also influence its trajectory.
- Tuesday’s data releases include April fuel price adjustments, February’s trade balance and a central bank bulletin on the economy in the fourth quarter.
Reporting by Alexander Winning; Editing by Joe Bavier
