Rand steady amid escalating Ukraine-Russia crisis

The rand held steady against the dollar early on Wednesday, with the currency struggling to make significant gains as Russia’s intensified bombardment of Ukrainian urban areas dented risk appetite.

At 0630 GMT, the rand was largely flat at around R15.41 against the dollar.

“As the situation in Ukraine remains the primary catalyst of market activity, price action remains skittish and cautious, this as market participants await the next headlines,” Nedbank analysts wrote in a note.

Rocket strikes on Ukraine’s second biggest city Kharkiv killed at least 10 people and wounded 35, Ukrainian Interior Ministry adviser Anton Herashchenko said.

In fixed income, the yield on the benchmark 2030 government bond was down a single basis point to 9.495%.