Taxpayers spend R3.6 million per home for low-income families, and DStv cuts 16 channels
The rand weakened to below R16.60/$ from R16.36 last week, reversing recent gains. This decline was driven by a robust US dollar, high oil prices, weaker precious metals, and broader pressure across emerging-market currencies.
However, the rand remained more resilient than its peers. The Brazilian real fell over 7% across the week due to fiscal concerns following President Lula da Silva’s election victory, while the Mexican peso, Korean won, and Indian rupee also softened.
The US dollar stayed strong on expectations of prolonged high interest rates and safe-haven demand, despite trimming some gains after the Federal Reserve held rates steady.
Markets are pricing in an 80% chance of a December hike. Major US equity indices (S&P 500, Nasdaq, Dow) and the Nikkei retreated, whereas European markets finished mixed.
Going against global trends, South Africa’s JSE All Share Index climbed 1.9%, lifted by financial and basic material shares.
The South African 10-year government bond yield dropped from 8.64% to 8.56%, helped by National Treasury commitments in the Medium-Term Budget Policy Statement to curb public debt growth, which offset higher producer inflation and currency weakness.
On Monday, 2 November 2026, the rand was trading at R16.71 to the dollar, R22.37 to the pound, and R18.67 to the euro. Gold is trading at $3,900.93, while oil prices are at $110 a barrel.
5 important things happening in South Africa today
R3.6 million per home: A R1.2 billion Free State housing development programme saw the cost per completed unit reach R3.6 million, up from an original target of R233,000. The Free State housing development programme provides government-subsidised homes and land primarily to low-income South African citizens, vulnerable groups, and individuals from informal settlements who meet specific qualifying criteria. [Newsday]
DStv cut channels: MultiChoice’s DStv has cut 16 channels in South Africa since the beginning of 2026 as it streamlined its packages to reduce costs amid declining revenue. [MyBroadband]
New coins for South Africa: The South African Reserve Bank introduced four new coins in 2026 to commemorate historical milestones in the country. These new coins are part of the Milestones of Freedom campaign. [Daily Investor]
Teachers are quitting: Teachers in South Africa are leaving the profession and retiring early due to burnout, excessive workloads, understaffing, and growing disrespect towards teachers. [BusinessTech]
D-Day for South Africa: The United States government will announce on Monday, 2 November, the outcome of its annual review of South Africa’s eligibility for benefits associated with the African Growth and Opportunity Act (AGOA) in 2027. [Business Day]
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