The South African rand eased toward 16.2 per USD, the lowest since January 21, pressured by a stronger US dollar and lower prices of precious metals, particularly gold and platinum, South Africa's two key exports. A broader risk-off sentiment prevailed amid heightened volatility in global markets, with investors often reducing exposure to emerging markets during such periods. The rand has recently seen significant gains, supported by domestic economic improvements, structural reforms, fiscal discipline, and favorable external conditions. Higher commodity prices, combined with low oil costs, have strengthened South Africa’s terms of trade, attracting increased foreign investment into equities and bonds.