The South African rand has been trading around 18.7 per USD, its weakest level since June 9th, due to a stronger USD and heightened geopolitical risks. The currency has seen some support from a reduction in load shedding and president Ramaphosa’s neutral stance on the Russia-Ukraine conflict. There is speculation that president Putin might now avoid attending an August summit in Johannesburg due to a recent failed rebellion in Russia. Meanwhile, the country’s central bank suggests that the rand is undervalued and that the nation’s monetary policy will likely remain tight for longer than market expectations.