International visitors say they will never visit Cape Town again, and plan to permanently cut petrol prices by R6.55 per litre
The South African rand remained steady in early trade on Monday as investors awaited a series of domestic economic data releases and the Federal Reserve’s policy decision later this week.
The rand traded at 16.6125 against the dollar, little changed from its previous close.
Investors will track a series of month-end domestic economic data releases, including money supply, private sector credit, trade balance, and budget balance, as well as September producer price index data.
Markets are also waiting for the Fed’s policy meeting on October 28. Traders largely expect the central bank to leave rates unchanged this week, while expectations for a hike in December are at 75%, according to CME’s FedWatch Tool.
Like other risk-sensitive currencies, the rand often takes its cues from global factors, particularly US monetary policy, as well as domestic economic data.
South Africa’s benchmark 2035 government bond was steady in early deals, with the yield at 8.635%. [Reuters]
On Tuesday, 27 October 2026, the rand was trading at R16.63 to the dollar, R22.18 to the pound, and R18.57 to the euro. Gold is trading at $4,009.84, while oil prices are at $114.70 a barrel.
5 important things happening in South Africa today
Visitors say they will never visit Cape Town again: Drivers claiming to work for Uber are scamming travellers arriving at Cape Town International Airport, intimidating them into paying R10,000 to R25,000 for a single trip. Foreign travellers are now saying they will never return to the country because of these bad experiences. [MyBroadband]
Plan to permanently cut petrol prices by R6.55 per litre: Finance Minister Enoch Godongwana said the National Treasury’s long-term plan is to remove levies on petrol permanently. This will be difficult as these levies fund the Road Accident Fund (RAF), and the General Fuel Levy provides R80 billion in revenue for the state. [Daily Investor]
Good news for South Africa: Moody’s could upgrade South Africa’s credit rating within a year, after the agency said last week’s MTBPS was credit-positive, confirming progress in fiscal consolidation. [Business Day]
Major win coming for passport renewals in South Africa: The Department of Home Affairs has rolled out Smart ID services to 669 bank branches across the country, with passport services nearing launch. [BusinessTech]
City of Tshwane ignored the warnings: Deputy Water and Sanitation Minister David Mahlobo says the City of Tshwane has been repeatedly warned about possible water contamination since 2023 but has failed to implement all the recommended corrective measures. [eNCA]
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