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The South African rand strengthened against a weaker U.S. dollar on Wednesday, buoyed by investor reaction to last week’s underwhelming U.S. jobs data and ongoing anticipation around potential tariff changes from Washington.
By 14:51 GMT, the rand was trading at 17.80 to the dollar, marking a 0.5% rise from Tuesday’s close.
Much of South Africa’s attention this week is centred on high-stakes trade negotiations. The country is hoping to secure a more favourable agreement amid the prospect of facing a 30% tariff on exports to the United States—the highest rate imposed on any Sub-Saharan African nation.
Meanwhile, the dollar slipped 0.3% against a basket of major currencies, as investors remained cautious following the disappointing July U.S. employment report and ahead of key policy decisions from the White House.
U.S. President Donald Trump said Tuesday he would “soon announce” a temporary replacement for Fed Governor Adriana Kugler, who stepped down on Friday, along with his choice for the next Federal Reserve chair.
“The USD is losing its exceptionalism and is steadily finding itself on the defensive, allowing other currencies to make up lost ground,” ETM Analytics said in a research note.
The Johannesburg Stock Exchange’s Top-40 index (.JTOPI) was up 0.5% and the wider All-share index (.JALSH) up 0.4%.
South Africa’s benchmark 2035 government bond was little changed as the yield rose half a basis point to 9.68%.
