South Africa’s Rand Falls as Ukraine Crisis Lingers

The rand of South Africa sank in early trade on Thursday as the conflict in Ukraine went on and commodity prices, which help the country’s resource-rich economy, declined.

The rand was trading at R14.50 against the dollar at 0605 GMT, down 0.3 percent from its previous close.

President Volodymyr Zelenskiy said on Thursday that Ukrainian forces are prepared for additional Russian strikes in the east of the nation as Moscow beefs up its forces after suffering failures near Kyiv.

According to Refinitiv statistics, the rand has gained about 10% this year, making it one of the best performing emerging market currencies, as it benefits from increased commodity prices with other exporters such as Angola, Brazil, and Chile.

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Commodity prices, such as gold, platinum, and palladium, fell on Thursday.

The local focus will be on February producer price inflation data, which will be released at 0930 GMT, and trader balance data, which will be released at 1200 GMT.

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