Ramaphosa to reveal manifesto for local government elections, and big changes on the cards for Gauteng e-hailing drivers
The rand strengthened on Friday, reaching its highest level since the United States and Israel launched attacks on Iran in February.
This increase was driven by rising gold prices and a weaker dollar, which benefitted the commodity-linked currency.
The rand traded at 15.9925 against the dollar, about 0.8% stronger than its previous close.
Gold, one of South Africa’s main exports, rose to a more than three-month high on Friday and was on track for its third consecutive weekly gain.
The precious metal’s rise was supported by a weaker dollar and the US Treasury’s announcement to increase buybacks of longer-dated securities.
The US Treasury indicated it might further expand its repurchase of Treasuries following the announcement that it would double the size of buybacks of longer-dated securities for the next quarter.
As a result, the US dollar was expected to end a volatile week lower, making dollar-priced gold more affordable for overseas buyers.
Like other emerging-market currencies, the rand has been influenced by global market sentiment, particularly since the onset of the war in Iran.
On the Johannesburg Stock Exchange, the Top-40 index increased by 2.2%.
On Sunday, 22 August 2026, the rand was trading at R16.02 to the dollar, R21.85 to the pound, and R18.70 to the euro. Gold is trading at $4,603.3 an ounce, while oil prices are at $94.39 a barrel.
5 important things
Ramaphosa to reveal manifesto for local government elections: The race for the 2026 local government elections is heating up as the ANC prepares to announce its mayoral candidates, breaking from traditional processes by headhunting candidates. [eNCA]
Big changes on the cards for Gauteng e-hailing drivers : The Gauteng Provincial Government has urged e-hailing companies in the province to ensure that their drivers register on the Integrated Public Transport Administration System (GIPTAS). [MyBroadband]
Transnet asks for private partnerships: Transnet has issued a request for information, inviting private companies to partner in enhancing productivity on the B-network. The company aims to revive its B-network and stimulate economic activity in rural and remote areas. [BusinessDay]
Bad news for iconic seafood restaurant: Spur Corporation, owner of John Dory’s, may close more restaurants in the coming years due to ongoing struggles. However, the brand is undergoing a repositioning and streamlining effort. [DailyInvestor]
South African’s are paying more tax than ever before: Efficient Group’s chief economist, Dawie Roodt, stated that South Africans are now paying more taxes than ever, with the tax-to-GDP ratio reaching 30% for the first time. [Newsday]
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