Former Eskom employee arrested, and businesses pledge to help Joburg
The rand was flat in early trading on Thursday, as global investors avoided large positions while digesting a surprise move from the U.S. Treasury.
The rand was trading at 16.09 against the dollar, largely unchanged from its previous close.
Umkhulu Treasury’s Adam Phillips said he expected the rand to remain range-bound for the rest of the week, adding, “If it can close below 16.1470 on Friday, then it might push stronger.”
The rand often takes cues from global policy developments, given its risk-sensitive nature, similar to other emerging market currencies.
The dollar weakened against a basket of currencies after the U.S. Treasury announced it would double its buyback operations for longer-dated government bonds.
This comes after a major bond selloff when investors demanded higher interest rates on bonds due to inflation risks from the war in Iran.
ETM Analytics said the move had improved global risk appetite and boosted demand for higher-yielding assets, including South African bonds.
South Africa’s benchmark 2035 government bond was steady in early deals, with the yield falling by half a basis point to 8.465%.
On Friday, 21 August 2026, the rand was trading at R16.08 to the dollar, R21.94 to the pound, and R18.81 to the euro. Gold is trading at $4,538.12 an ounce, while oil prices were at $93.50 a barrel. [Reuters]
5 important things
Former Eskom employee convicted for R8.5 million in dodgy tenders: Former Eskom employee Nozipho Ntuli has been convicted for fraud and money laundering following a multi-department investigation into dodgy tenders at the utility, amounting to R8.5 million. [MyBroadband]
Business pledges to join Joburg rescue efforts: The business sector has pledged support for Johannesburg’s government amid a deepening governance and service delivery crisis. [BusinessDay]
R400 billion and 600,000 jobs: One company holds South Africa’s economy in the palm of its hands: Sasol’s fixed investment in its South African assets supports 5% of the country’s economic output and 600,000 jobs. [DailyInvestor]
Macpherson: Negligent builders must face jail time, not just fines: Minister of Public Works and Infrastructure Dean Macpherson said that negligent construction groups should face more than fines and deregistration. [EWN]
Rand gets a major boost from the United States: The rand has experienced another wave of strengthening against the US dollar after minutes from the Federal Open Market Committee meeting put the greenback on edge. [BusinessTech]
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