Big changes for anyone shopping on Temu, and new rules on the cards ahead of elections in South Africa
The rand started Tuesday’s trading session on a weaker note, with investors adopting a cautious stance ahead of a deadline from US President Donald Trump for Iran to reopen the Strait of Hormuz.
The currency was trading at 16.93 per dollar, down about 0.4% from the previous close.
Tensions escalated as Iran and Israel exchanged attacks, with Tehran refusing to reopen the Strait of Hormuz or agree to a ceasefire just before Trump’s deadline to either comply with his demands or face consequences.
The ongoing conflict in the Middle East and the closure of this critical waterway have significantly driven up energy prices, with oil currently priced above $110 a barrel.
The rand has been significantly influenced by global market sentiments since the onset of hostilities between the US and Israel at the end of February, which prompted Iran’s retaliatory actions.
Last month, the local currency depreciated by around 6%, and economists predict rising inflation for this net energy-importing country.
“Global traders are treading carefully at this point,” analysts noted, indicating that further developments in the conflict could provide more direction.
The commentary added that it seems the US and Iran remain very far apart, with neither side willing to negotiate on terms that the other would accept.
Meanwhile, domestic investors will closely watch the March S&P Global Purchasing Managers’ Index (PMI) for insights into the health of Africa’s largest economy.
The US dollar remained stable against a range of currencies as market participants awaited the release of minutes from the Fed’s March policy meeting on Wednesday, along with key US inflation indicators like the Personal Consumption Expenditures (PCE) and Consumer Price Index (CPI) set to be released later this week.
As of Wednesday, 8 April, the rand is trading at R16.43 to the dollar, R22.06 to the pound, and R19.19 to the euro. Gold is currently valued at $4,822.4 per ounce, while oil prices have dropped to $94.11 per barrel.
5 important things happening in South Africa today
Temu now includes taxes: Temu has started including VAT and import duties in the prices displayed at checkout for South African customers, aligning with how Amazon.com operates and making shopping on the platform simpler. [MyBroadband]
Stricter broadcast rules on the cards ahead of elections: The Independent Communications Authority of South Africa (Icasa) has revised its regulations regarding political broadcasts and advertising for municipal elections. These updates enhance guidelines on airtime distribution, content requirements, and broadcasters’ responsibilities. [BusinessDay]
New HIV prevention medication in the country: The Department of Health has announced the arrival of South Africa’s first batch of Lenacapavir, a new HIV prevention medication. Nearly 38,000 doses of this six-monthly injectable treatment are now in the country. [EWN]
New Chinese vehicle coming to South Africa: Chinese automotive giant Geely is launching its EX2 fully-electric car in South Africa in April 2026, just as electric vehicle (EV) interest has surged due to rising petrol and diesel prices. [MyBroadband]
FirstRand leaves Aldermore: On Tuesday, South Africa’s FirstRand announced its intention to divest from its UK challenger bank, Aldermore. This decision comes alongside a reduction in earnings forecasts as the bank cited issues with an expensive and “deeply flawed” motor finance redress scheme in Britain. [BusinessTech]
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