South African rand firmer, eyes on U.S.-Iran tensions

South Africa’s rand firmed in early trade on Tuesday as emerging markets drew relief from the absence of any immediate escalation in tensions other than sabre-rattling between Iran and the United States.

By 0600 GMT, the rand traded at 14.1900 per dollar, 0.15% stronger than its previous close.

In the absence of local catalysts, the rand was set to look to global events for direction.

Fears of a fresh conflict in the oil-rich Middle East have kept markets on the edge following the killing of Tehran’s top general in a U.S. drone strike last week.

In fixed income, the yield on the benchmark government bond due in 2026 was down 2.5 basis points to 8.225% in early trade.

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