The billionaire who could become South Africa’s next president, and South Africa sends a message to the United States
The rand strengthened slightly on Monday, making up for losses from the previous week due to a pause in global conflict.
A pause in the war between the U.S. and Iran led to lower oil prices and improved market sentiment.
The rand was trading at 16.67 to the dollar on Monday, roughly 1% up from the previous day’s close.
It lost about 2% of its value to the dollar last week, after the Reserve Bank’s decision to hold interest rates, defying many economists’ expectations.
Umkhulu Treasury analyst Adam Phillips said, “The rand’s medium-term trading range has shifted to 16.50-17.50 per dollar, although I think it would take something very significant for the currency to break through the 17.00 level in the medium term.”
Global oil prices dropped by roughly 6% on Monday, after the U.S. and Iran paused strikes over the weekend.
The pause in the conflict gives renewed hope that a diplomatic solution can be reached to de-escalate the fighting.
An end to the conflict could mean the reopening of the Strait of Hormuz, a crucial channel for the global oil trade.
South Africa’s benchmark 2035 government bond strengthened slightly, with the yield falling by 9 basis points to 8.65%.
On Tuesday, 28 July 2026, the rand was trading at R16.80 to the dollar, R22.34 to the pound, and R19.10 to the euro. Gold is trading at $4,041.18 an ounce, while oil prices were at $87.27 a barrel. [Reuters]
5 important things happening today
The billionaire who could become South Africa’s next President: Patrice Motsepe has built a business empire in South Africa. He is now promoted as a potential candidate for the next ANC Presidency and, ultimately, the South African President. [Newsday]
South Africa sends a message to the United States: South Africa says it will continue to engage with the United States in an effort to reduce or remove the latest tariffs imposed by Washington. [BusinessTech]
Cape Town sitting on a goldmine: Inospace CEO Rael Levitt said that Cape Town can benefit from the global data centre goldmine, but that a legal gap could derail this development. [DailyInvestor]
South Africa’s biggest petrol company is preparing to shut down a major refinery: Sasol’s National Petroleum Refiners of South Africa facility in Sasolburg has ramped up production by 76% as it prepares for a scheduled maintenance shutdown in early 2027. [TopAuto]
America tried to interfere in South African copyright law: Cory Doctorow said that the United States tried to pressure South Africa into removing certain provisions from an amendment to the Copyright Act. [MyBroadband]
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