Warning to solar panel users in South Africa, and Facebook under siege
The rand firmed on Wednesday after a drop in the dollar, driven by reduced demand for the currency in safe-haven countries, as markets hope for an end to the war in Iran.
The rand was trading at 16.30 to the dollar on Wednesday, up approximately 0.5% from its previous close.
The dollar has seen pressure, following US President Donald Trump saying that his administration had “very good discussions” with Iran.
This has reduced demand for the dollar, which typically holds safe-haven appeal amidst global uncertainty.
Emerging market currencies also saw a boost following weaker-than-expected US labour data, which showed a 40,000 increase in jobs for July, below the forecast 70,000.
Domestically, South Africa saw its private sector expand for the second month in a row in July, although this growth was slightly weaker than the previous month.
Another support for the rand was the rise in prices of key South African exports, with gold climbing 3% and platinum rising 0.5%.
South Africa’s benchmark 2035 government bond strengthened, with the yield falling by 5 basis points to 8.31%.
On Thursday, 06 August, 2026, the rand was trading at R16.34 to the dollar, R21.99 to the pound, and R18.86 to the euro. Gold is trading at $4,262.47 an ounce, while oil prices were at $79.15 a barrel. [Reuters]
5 important things happening in South Africa
Warning to homeowners with solar panels on their roofs in South Africa: Eskom’s fee waiver for South Africans registering small-scale embedded generation (SSEG) systems, such as rooftop solar, ends on 30 September 2026. [DailyInvestor]
Serious allegations against Facebook in South Africa: Fintech company Araxi Holdings alleged that Facebook-owner Meta Platforms engaged in anti-competitive and predatory conduct that led to the collapse of GovChat. [MyBroadband]
397 South African schools suffered prolonged or complete electricity outages: 397 public schools in South Africa experienced prolonged or complete electricity outages over the last two years, according to the Basic Education Minister. [Newsday]
The top CEO who gave up a R74 million job to leave South Africa: Former MTN Group chief executive Rob Shuter walked away from one of South Africa’s highest-paying executive jobs to take up a job in the United Kingdom (UK) and be closer to family. [BusinessTech]
Ramaphosa’s lawyers set to continue presenting arguments in favour of Expropriation Act: The President’s lawyers are currently responding to the arguments made by Afriforum and the DA in court, regarding the controversial Expropriation Act. [EWN]
Loading ...