Ella 
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In a surprising move, the South African rand surged on Wednesday, benefiting from a risk-off sentiment that drove U.S. Treasury yields lower, building on the gains witnessed on the previous day.
At 1603 GMT, the rand showed strength, trading at 18.8350 against the U.S. dollar, marking a nearly 1% increase from its previous close.
Meanwhile, the U.S. dollar exhibited modest strength, trading around 0.05% higher against a basket of global currencies.
The recent appreciation of the rand, particularly during this week, is notable, considering the ongoing events in the Middle East. Typically, such events tend to exert downward pressure on currencies like the South African rand.
