The rand fell sharply on Wednesday as investors awaited the US Federal Reserve’s interest rate decision, amid an ongoing conflict in Iran that shows little sign of resolution.
The rand was trading at 16.7350 against the dollar, down 1.3% from its previous close. The US dollar strengthened against a basket of currencies amid expectations that the Federal Reserve would keep interest rates steady.
This is on the back of growing concerns that elevated energy costs could transition from a one-time shock into broader underlying inflation.
Diplomatic efforts to resolve the Iran conflict have stalled. US President Donald Trump rejected Tehran’s latest proposal, stating that Iran had informed Washington it was in a “state of collapse” while working on its leadership.
The nearly two-month war in the Middle East has resulted in soaring fuel prices, eroding consumer confidence to a record low and eliminating market expectations for interest rate cuts.
On the Johannesburg Stock Exchange, the Top-40 index was down by 0.7%.
As of Thursday, 30 April, the rand is trading at R16.90 to the dollar, R22.75 to the pound, and R19.70 to the euro. Gold is currently valued at $4,548.46 per ounce, while oil prices are at $125.40 per barrel.
5 important things happening in South Africa today
Good news about driving licence renewals: The Driving Licence Card Account’s (DLCA’s) Annual Performance Plan for 2026/27 outlined how it plans to reduce average licence production times to seven working days over the next three years. [MyBroadband]
Khayelitsha Cookies scores R1.4 million deal: Khayelitsha Cookies has secured over R1.4 million in deals with UK companies, including one to supply British Airways and another for private-label shortbread products in the UK market. [Engineering News]
International group exits South Africa: The Financial Services Conduct Authority (FSCA) and the Reserve Bank’s Prudential Authority (PA) have given notice that Moody’s Investor Services South Africa is being deregistered in the country. [BusinessTech]
Private school group under pressure: Advtech has noted intensified competition and the risk of diminishing relevance in its course offerings as major threats, despite an increase in profit and enrolment in its 2025 financial year. [Business Day]
New driving laws coming: The Road Traffic Infringement Agency has outlined its goals for the year, which include the national rollout of the Administrative Adjudication of Road Traffic Offences (AARTO) Act. This rollout will begin in two months, with the goal of completing the system’s national introduction by the end of December 2026. [TopAuto]
