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The South African rand held steady in early trading on Wednesday, as investors remained focused on upcoming tariff developments ahead of Washington’s deadline.
As of 0724 GMT, the rand was trading at 17.88 to the dollar, showing little movement from Tuesday’s closing rate.
“The rand is trading below the R17.90 level this morning as it continues to recover from Monday’s tariff-driven blowout and strong dollar,” said Andre Cilliers, currency strategist at TreasuryONE.
This week, national attention is centred on high-stakes trade negotiations, as the country seeks to reduce a steep 30% tariff currently imposed on its exports to the United States — the highest rate among Sub-Saharan African nations.
Meanwhile, the U.S. dollar remained steady against a basket of major currencies, with investors adopting a cautious stance ahead of key announcements from President Donald Trump regarding leadership at the Federal Reserve.
On Tuesday, Trump stated that he would soon name a temporary replacement for Federal Reserve Governor Adriana Kugler, who resigned last Friday, along with his choice for the next Fed chair.
“The USD is losing its exceptionalism and is steadily finding itself on the defensive, allowing other currencies to make up lost ground,” said ETM Analytics in a research note.
The Johannesburg Stock Exchange’s Top-40 index (.JTOPI) rose by 0.6% in early trading.
Meanwhile, South Africa’s benchmark 2035 government bond weakened, with the yield climbing 3 basis points to 9.705%.
