South African rand steady as markets await signs of Iran deal

The South African rand was steady in early trade on Thursday, supported by a softer U.S. dollar and falling oil prices. Investors are holding back for signals of progress toward a U.S.-Iran peace deal, which would help ease broader regional risks. Attention is also on the reopening of the Strait of Hormuz, a key shipping chokepoint whose status can quickly move energy markets. The mixed picture—lower crude alongside caution over geopolitics—kept the rand from swinging sharply. The move comes as market participants wait for clearer indications that negotiations are advancing.