South African Rand Hovers at 1-Month High
The South African rand hovered around 16.4 per USD, close to its highest level since September 23, after Finance Minister Enoch Godongwana unveiled the medium-term budget statement that provides for a temporary reduction in the fuel levy amid rising fuel prices. Meanwhile, the statement underscored the government’s commitment to fiscal discipline, with both the debt-to-GDP ratio and the budget deficit for the current fiscal year (2026/27) revised lower and expected to decline further in the years ahead. However, growth forecasts for this year were cut. Data released earlier showed South Africa's inflation rate ticked higher to 4.5% in September from 4.4% in August, slightly below the expected 4.7%, mainly on account of fuel prices.
The South African rand hovered around 16.4 per USD, close to its highest level since September 23, after Finance Minister Enoch Godongwana unveiled the medium-term budget statement that provides for a temporary reduction in the fuel levy amid rising fuel prices. Meanwhile, the statement underscored the government’s commitment to fiscal discipline, with both the debt-to-GDP ratio and the budget deficit for the current fiscal year (2026/27) revised lower and expected to decline further in the years ahead. However, growth forecasts for this year were cut.
Data released earlier showed South Africa's inflation rate ticked higher to 4.5% in September from 4.4% in August, slightly below the expected 4.7%, mainly on account of fuel prices.