The South African rand remained stable on Friday as investors monitored developments in the Middle East following US President Donald Trump’s decision to postpone attacks on Iran’s energy infrastructure.
The rand was trading at 17.12 against the dollar, slightly changed from its previous close of 17.1150.
ETM Analytics indicated that the currency is likely to remain under pressure as the ongoing U-Israeli conflict with Iran continues to affect risk sentiment.
On 26 March, Trump announced that attacks on Iran’s energy plants would be postponed for 10 days at Tehran’s request, adding that negotiations with Tehran were progressing “very well.”
However, concerns grew that the conflict could escalate into a ground war, especially amid reports that the president might be considering sending additional troops.
This has raised uncertainty about when the Strait of Hormuz could be reopened to shipping.
Analysts noted that the South African Reserve Bank will have a lot to consider in the coming months, as it needs to carefully balance containment of inflation expectations with the need to support the country’s Gross Domestic Product growth.
The central bank decided to maintain its policy rate at 6.75% on Thursday, emphasising the need for caution. The Johannesburg Stock Exchange, the Top-40 index, was down 1.2%.
As of Monday, 30 March, the rand is trading at R17.12 to the dollar, R22.72 to the pound, and R19.72 to the euro. Gold is currently valued at $4,499.27 per ounce, while oil prices have risen to $115.30 per barrel.
5 important things happening in South Africa today
Prepaid electricity meter warning: Bypassing or tampering with prepaid electricity meters has become a major problem for municipalities. However, some residents across major metros are reporting that their meters are being wrongly flagged, cut off, and fined, with some having to pay R73,000 to have their meters returned and electricity reconnected. [MyBroadband]
The man chosen to save ties with the US: Pretoria has reportedly appointed veteran diplomat Thabo Thage as minister plenipotentiary at its Washington embassy, moving closer to finalising a permanent ambassador to the US. Thage, appointed in March, holds a senior diplomatic position with the authority to negotiate and sign treaties on behalf of the South African government. The appointment comes at a critical juncture as South Africa seeks to reset its relationship with the Trump administration. [Business Day]
R54 million a year down the drain: The Nelson Mandela Bay Stadium, built over a decade ago, costs R74 million annually to operate but generates only R20 million in revenue, resulting in a R54 million annual loss for the municipality. This 42,000-seater venue was one of five new stadiums constructed for the 2010 FIFA World Cup. [City Press]
Government wants companies to come back to SA: The South African government is preparing to lift a range of forex restrictions on local asset managers, which will allow them to manage their foreign investments in South Africa better. Many asset managers have set up overseas offices in tax-friendly countries or have formed partnerships with large global investment firms. Treasury hopes the new rules will entice them to bring that business to South Africa. [News24]
Those who say BEE must stop are dreaming: President Cyril Ramaphosa stated that Black Economic Empowerment (BEE) and Affirmative Action (AA) are here to stay. He made these statements during his closing address at the ANC Limpopo elective conference on Sunday, 29 March 2026. Ramaphosa said empowering black people through BEE is a direct requirement of the South African Constitution. [Daily Investor]
