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South Africa’s rand was steady in early trading on Wednesday, as pressure mounted on the country to secure a trade agreement with the United States ahead of Washington’s 1 August deadline.
As of 07:05 GMT, the rand was trading at 17.8550 to the dollar, showing little movement from its previous close.
On Tuesday, South Africa’s trade minister reaffirmed the government’s commitment to reaching a deal, just days before a 30% tariff on its exports to the U.S. is set to take effect on Friday.
The government is still awaiting a response to its proposed offer, which includes the purchase of U.S. liquefied natural gas, streamlining regulations for American poultry imports, and a $3.3 billion investment in U.S. sectors such as mining.
Meanwhile, the dollar traded slightly weaker against a basket of currencies, as markets awaited a U.S. interest rate decision that may offer insights into the Federal Reserve’s future policy direction.
South Africa’s central bank is expected to announce its own rate decision on Thursday, with economists surveyed by Reuters forecasting a further 25-basis-point cut.
The country’s benchmark 2035 government bond strengthened in early trading, with the yield falling by 3.5 basis points to 9.785%.
