South Africa’s rand remained steady on Tuesday as investors awaited key events this week, including the country’s budget speech and a high-profile meeting between President Cyril Ramaphosa and US President Donald Trump.
At 0811 GMT, the rand traded at 18.08 against the US dollar, close to Monday’s closing level. Market participants are watching closely as Finance Minister Enoch Godongwana prepares to present the budget on Wednesday. This marks his third attempt after earlier proposals to increase taxes failed to win support from some coalition partners.
Meanwhile, the South African delegation arrived in Washington on Monday to engage with the Trump administration in efforts to reset strained bilateral relations. The meeting between President Ramaphosa and President Trump is scheduled for Wednesday.
On the financial markets, South Africa’s Top-40 stock index showed little movement, while the country’s benchmark 2030 government bond remained flat with a yield of 8.88%.
The outcomes of the budget speech and the US-South Africa talks are expected to influence market sentiment in the coming days.
