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Rand slips on risk-off sentiment

The risk-on mood lost its sheen as the attack on Saudi Arabian refining facilities disrupted global oil supply and heightened tensions in the Middle East.

Picture: EWN

JOHANNESBURG - The rand weakened in early trade on Tuesday as an attack on Saudi Arabia’s crude oil facilities over the weekend continued to weigh on risk sentiment.

At 0617 GMT, the rand traded 0.46% weaker at R14.7325 per dollar.

The rand, along with other emerging-market assets, last week benefited from increased risk appetite after Washington and Beijing officials made concessions on retaliatory tariffs.

The risk-on mood lost its sheen as the attack on Saudi Arabian refining facilities disrupted global oil supply and heightened tensions in the Middle East.

“Market participants will be waiting with bated breath for any Saudi retaliation which could send the recently renewed risk sentiment rapidly down the drain,” said Bianca Botes, treasury partner at Peregrine Treasury Solutions, in a note.

South Africa, which is an oil importer, is likely to be hit by a surge in crude oil prices.

Investors are also turning their attention to monetary policy decisions from major central banks, including the US Federal Reserve and the South African Reserve Bank, due this week.

In fixed income, bonds weakened, with the yield on the benchmark instrument due in 2026 adding 2.5 basis points to 8.240%.