The South African rand traded around 16.1 per US dollar, holding close to its highest since early March, as softer US economic data strengthened expectations of a Fed pause and weakened the dollar. This encouraged demand for higher-yielding emerging-market assets, supporting the rand, while lower oil prices also eased inflation concerns. The curency has been recovering since hitting a three-month low against the dollar following the SARB’s surprise rate hold on July 23. Meanwhile, persistent Middle East tensions remained a source of market uncertainty.