The South African rand strengthened on Friday to its strongest level since the United States and Israel launched attacks on Iran on February 28, as rising gold prices and a weaker dollar boosted the commodity-linked currency. At 1229 GMT, the rand traded at 15.9925 against the dollar , about 0.8% stronger from its previous close. Gold, one of South Africa's main exports, rose to a more than three-month high on Friday and was on track for a third straight weekly gain. The precious metal was supported by a weaker dollar and the US Treasury's announcement that it would increase buybacks of longer-dated securities, Reuters reported. US Treasury Secretary Scott Bessent said he may further increase the government's repurchases of Treasuries. That came after the Treasury said it would double the size of buybacks on longer-dated securities over the next quarter. The US dollar was set to end a bumpy week lower, making greenback-priced bullion more affordable for buyers overseas. Like other emerging market currencies, the rand has been at the mercy of global market sentiment, particularly since the start of the Iran war. On the Johannesburg Stock Exchange, the Top-40 index was last up 2.2%. South Africa's benchmark 2035 government bond was also firmer in early deals, as the yield fell 0.5 basis points to 8.56%.
