Woolworths opens new ‘dark store’ in South Africa, and bankrupt city going after residents with 67% fixed charge increase
The South African rand weakened on Tuesday amid a stronger US dollar, as markets continued to process the Federal Reserve’s increasingly hawkish stance.
The rand traded at 16.50 against the dollar, reflecting a decline of 0.6% from its previous close.
The dollar remained strong due to expectations of a more hawkish Federal Reserve, reaching its highest level in over a year.
“For now, global factors are the primary drivers of the USD/ZAR exchange rate; however, any signs of socio-economic instability could lead investors to demand a higher risk premium on South African assets,” stated Wichard Cilliers, head of market risk at TreasuryONE.
Anti-immigrant groups have issued a June 30 deadline for undocumented foreigners to leave the country, which is causing fear among migrant communities.
The South African Reserve Bank published the country’s leading business cycle indicator for April, which declined by 1.8% month-on-month.
Later this week, investor attention will shift to producer inflation data for additional insights into the health of Africa’s most industrialised economy.
On the Johannesburg Stock Exchange, the Top-40 index was last down by 0.7%. Additionally, South Africa’s benchmark 2035 government bond weakened, with the yield rising by 5.5 basis points to 8.335%.
On Wednesday, 24 June 2026, the rand was trading at R16.58 to the dollar, R21.87 to the pound, and R18.84 to the euro. Gold is trading lower at $4,065.02 an ounce, while oil prices were at $76.48 a barrel.
5 important things happening
Woolworths opens new ‘dark store’: Woolworths is expanding its online grocery network by opening a new “dark store” in Wynberg, Cape Town, as demand for rapid delivery continues to increase. [Business Day]
Joburg’s massive fixed charge increase: The City of Joburg has successfully defended its increased water demand management levy against AfriForum in the Johannesburg High Court. Starting from 1 July, residents will pay a 67% higher levy, rising from R65 to approximately R124, including VAT. This fixed monthly charge applies to all water connections, regardless of usage. [EWN]
Ramaphosa promises registration at a University that doesn’t exist: President Cyril Ramaphosa told young people that the new Ekurhuleni University will have its first intake next year. However, this university does not exist. [Newsday]
TCL launching branded stores in South Africa: Chinese television and home appliances manufacturing giant TCL plans to open branded stores in South Africa, with one of its first ones opening in the Cedar Square shopping centre in Fourways, Gauteng. [MyBroadband]
Fidelity prepared for National Shutdown: South Africa’s largest private security company, Fidelity Services Group, says it has activated contingency measures and is preparing for possible unrest ahead of nationwide anti-illegal-immigration protests scheduled for 30 June 2026. [BusinessTech]
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