The South African rand rose toward 16.8 per USD, supported by rising prices of precious metals and a softer US dollar following reports of a potential ceasefire in the Middle East. US allies, including Pakistan, Egypt, and Turkey, are pushing Iran for a last-minute ceasefire deal as Trump extends his deadline to reopen the Strait of Hormuz. Still, the currency remains down roughly 6% since the conflict began, pressured by higher oil prices and gold losing its safe-haven appeal to the dollar. The South African Reserve Bank held its benchmark policy rate steady at 6.75% in March, citing inflation risks from higher energy costs and indicating that rate hikes remain possible if inflation risks intensify.