The South African rand traded around 16.6 per USD, the lowest level since May 19, pressured by a firmer dollar and falling prices of key precious metals, particularly gold and PGMs. Investors sought the safety of the greenback amid volatility sparked by a tech stock selloff and rising expectations of Federal Reserve rate hikes, while a US–Iran peace agreement eased inflation concerns. On the domestic front, South African Reserve Bank Governor Lesetja Kganyago said policymakers are seeing early signs of second-round inflation effects and emphasized the need to act. Kganyago clarified the central bank’s May rate hike of 25 basis points to 7% was taken without updated inflation expectations, noting that they are now available and have drifted away from the target. He noted that the US-Iran deal still left considerable uncertainty, adding that while oil flows have resumed, prices are unlikely to fall back to pre-conflict levels soon.