South Africa’s rand slumped to a two-year low early on Monday, as the dollar showed broad strength as investors sought a safe haven amid concerns over global economic growth and energy prices after Russia’s a key gas pipeline to Germany closed.

At 0644 GMT, the rand traded at 17.3500 against the dollar, 0.29% weaker than its previous close. It earlier hit 17.4225, a level unseen since August 2020.

The dollar index, which measures the greenback against a basket of six rivals, was up at 110.100, after reaching 110.270 earlier in the sessio, as the euro fell below 99 cents for the first time in nearly two decades.

Russia’s state-controlled Gazprom announced on Friday that the Nord Stream 1 pipeline to Germany would remain closed indefinitely, delivering a shock to customers who had expected it to reopen on Saturday after three days of maintenance work.

South African rand weakens in early trade as dollar continues to firm

Investors in South Africa were awaiting a purchasing managers’ index (PMI) survey at 0715 GMT for clues on the health of the local economy.

The government’s benchmark 2030 bond was down in early deals, with the yield up 3.5 basis points to 10.360%.