South Africa’s rand remained stable on Tuesday as markets looked ahead to two key events: the national budget speech and a high-profile meeting between President Cyril Ramaphosa and U.S. President Donald Trump.
As of 08:11 GMT, the rand was trading at 18.08 to the dollar, hovering near Monday’s closing level.
Investor attention is focused on Finance Minister Enoch Godongwana, who will present the national budget on Wednesday. It marks his third attempt to secure approval, following previous failures due to resistance from coalition partners opposed to proposed tax hikes.
Meanwhile, a South African delegation arrived in Washington on Monday for diplomatic talks aimed at repairing frayed relations with the United States. Ramaphosa and Trump are expected to meet on Wednesday to discuss trade, investment, and bilateral cooperation.
On the domestic stock exchange, the Top-40 index (.JTOPI) remained largely unchanged, reflecting cautious sentiment.
South Africa’s benchmark 2030 government bond also showed little movement, with the yield steady at 8.88%.
