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South African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in Johannesburg, File. REUTERS\/Siphiwe Sibeko<\/p>\nSouth African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in Johannesburg, File. REUTERS\/Siphiwe Sibeko<\/p>\n
JOHANNESBURG, July 13 (Reuters)\u00a0\u2013\u00a0The South African rand weakened against the dollar on Monday, tracking losses among emerging market currencies as escalating tensions in the Middle East dampened risk sentiment.<\/p>\n
At 0634 GMT the rand traded at 16.3825 per dollar, roughly down 0.5% from its previous close.<\/p>\n
The U.S. dollar index\u00a0crept higher against a basket of currencies on the day as renewed conflict in the Middle East sent\u00a0oil prices 4% higher.<\/p>\n
U.S. and Iranian forces have\u00a0exchanged\u00a0heavy missile and drone assaults, with Tehran targeting U.S. facilities in states across the Gulf on Sunday and saying it had again closed the vital Strait of Hormuz.<\/p>\n
Some 20% of the world\u2019s oil and liquefied natural gas transited the strait before the war began at the end of February.<\/p>\n
\u201cThe rand appears to be a by-stander to what is going on,\u201d said Umkhulu Treasury\u2019s Adam Phillips, adding that the currency was likely to weaken beyond the 16.40 per dollar level during the session.<\/p>\n
South Africa\u2019s benchmark 2035 government bond\u00a0weakened in early deals, as the yield rose 5 basis points to 8.35%.<\/p>\n