South African rand hits strongest level since start of Iran war
August 24, 2026
JOHANNESBURG, Aug 21 (Reuters) - The South African rand strengthened on Friday to its strongest level since the United States and Israel launched attacks on Iran on February 28, as rising gold prices and a weaker dollar boosted the commodity-linked currency.
- At 1229 GMT, the rand traded at 15.9925 against the dollar , about 0.8% stronger from its previous close.
- Gold, one of South Africa's main exports, rose to a more than three-month high on Friday and was on track for a third straight weekly gain.
- The precious metal was supported by a weaker dollar and the U.S. Treasury's announcement that it would increase buybacks of longer-dated securities.
- U.S. Treasury Secretary Scott Bessent said he may further increase the government's repurchases of Treasuries. That came after the Treasury said it would double the size of buybacks on longer-dated securities over the next quarter.
- The U.S. dollar was set to end a bumpy week lower, making greenback-priced bullion more affordable for buyers overseas.
- Like other emerging market currencies, the rand has been at the mercy of global market sentiment, particularly since the start of the Iran war.
- On the Johannesburg Stock Exchange, the Top-40 index (.JTOPI), opens new tab was last up 2.2%.
- South Africa's benchmark 2035 government bond was also firmer in early deals, as the yield fell 0.5 basis points to 8.56%.
Reporting by Anathi Madubela and Nilutpal Timsina; Editing by Christopher Cushing, Kirsten Donovan