Major South African city looted, and South Africa falls in critical world ranking
The rand weakened on Thursday due to doubts surrounding a fragile two-week ceasefire between the US and Iran.
Traders were also analysing domestic economic data for insights into the health of Africa’s largest economy.
Concerns about the ceasefire’s viability intensified as Israel continued its attacks in Lebanon. As a result, the rand traded at 16.45 against the dollar, reflecting a 0.4% decrease from its previous close.
Investors remained cautious, as energy-dependent economies are vulnerable to oil price fluctuations, which could increase inflation and hinder economic growth.
However, following the news of the ceasefire, South African assets rallied, with the local currency gaining nearly 3% on Wednesday and recovering some of the losses incurred since the onset of the Iran conflict.
“Following the initial appreciation, the rand appears to have settled into a range as investors await clarity on the ceasefire agreement, which remains fraught with challenges and distrust,” said analysts.
“This weekend’s events will be a critical test of whether the ceasefire holds, as officials meet in Pakistan to begin negotiations,” said the firm.
It added that the rand is expected to remain range-bound into next week, due to “light positioning and lower volatility.
South Africa’s net foreign reserves decreased to $73.19 billion at the end of March, down from $75.84 billion in February, according to data released by the central bank on Thursday.
The country’s manufacturing output fell by 2.8% year-on-year in February, following a revised 0.1% decline in January. On the Johannesburg Stock Exchange, the Top-40 index dropped by 0.8%.
As of Friday, 10 April, the rand is trading at R16.43 to the dollar, R22.04 to the pound, and R19.20 to the euro. Gold is currently valued at $4,760.61 per ounce, while oil prices have dropped to $96.70 per barrel.
5 important things happening in South Africa today
Tshwane looted of more than R2 billion: Senior officials told the Madlanga commission that more than R2 billion was looted through security tenders meant to protect metro police properties and personnel. [Mail&Guardian]
South Africa falls in critical world ranking: South Africa has dropped in rankings among emerging economies in terms of attractiveness to investors, partly due to a decline in mining output late last year, according to a global index published on Thursday. [BusinessDay]
New cinema launching in South Africa: Ster-Kinekor is set to launch its first IMAX with Laser cinema in Gauteng at The Zone @ Rosebank on Friday, April 10, 2026. The cinema chain stated that the new theatre aims to allow movie fans to fully experience the scale and emotion of a film director’s vision. [MyBroadband]
Jail time proposed for exposing whistleblowers: A new bill proposes a prison sentence of up to 15 years for anyone who reveals the identity of a whistleblower or retaliates against them. [ENCA]
Major waterway remains closed: The Strait of Hormuz remains closed to ship traffic despite the US and Iran agreeing to a two-week ceasefire, said the CEO of Abu Dhabi National Oil Company (ADNOC) on Thursday. [CNBC]
Loading ...