After weeks of uncertainty driven by geopolitical tensions, global markets found some relief as oil prices retreated sharply, helping emerging market currencies, including the rand, recover some lost ground. One of the biggest drivers behind the rand’s latest move was the sharp decline in global oil prices, which dropped by around 5%. For South Africa, a country heavily reliant on imported fuel, softer oil prices can ease pressure on inflation and improve sentiment towards the local economy. The waterway is one of the world’s busiest oil shipping routes, and any disruption to traffic there typically sends crude prices soaring. The US dollar itself weakened against several major currencies, providing additional support for the rand during Tuesday’s session.