Rand Gains Against Dollar

The South African Rand gained against the United States Dollar (USD) during the early hours of trading on Thursday morning.

At around 06:11 GMT, rand traded at 16.3350 against the dollar, about 0.3% higher than its previous close.

According to Reuters, the US dollar weakened against some currencies, falling to its lowest level in six weeks, making raw materials priced in US dollars (USD) more affordable for holders of other currencies.

Gold, a major South African export, rose on hopes that the US/Israel-Iran war might be ending, as Pakistani mediation in the war and signals from the Trump administration boosted expectations of a deal to reopen the ‌Strait ⁠of Hormuz.

Rand Gains Against Dollar (News Central TV) — Dollar notes. Credit: Bloomberg.

The Minerals Council of South Africa warned on Wednesday that the war in the Middle East would impact the mineral industry’s profitability this year.

The average monthly fuel bill for miners, which is normally about 2.9 billion rand ($177.73 million), was expected to rise to roughly 4.3 billion rand ($263.53 million) in April 2026 and remain high as long as disruptions persist in the Strait of Hormuz.

South Africa’s benchmark 2035 government bond was flat in early trading, with the yield at 8.405%.

Author

Olayide Soaga

Olayide Oluwafunmilayo Soaga is a Nigerian journalist with four years of professional experience. She reports on health, gender, education and development, with a focus on impact-driven storytelling.

She was runner-up for the Centre for Journalism Innovation and Development (CJID) Best Solutions Journalism Award in West Africa in 2024 and a finalist for the 2025 West Africa Media Excellence Awards.