South African Rand Hovers Around 1-Month High
The South African rand traded around 16.4 per USD, holding close to its highest since late September, supported by firmer precious metals prices and a softer dollar amid lower oil prices. This helped to soften inflationary concerns after President Trump downplayed the likelihood of new strikes against Iran. Meanwhile, investors assessed the outcome of local municipal elections and coalition talks. The ruling ANC has suffered a major setback in South Africa's 2026 local government elections, with its support dropping from 45.59% in 2021 to 30.76%. The party has lost significant ground in major cities, while the DA, MK Party and ActionSA have gained support. The results reflect growing voter dissatisfaction and mean the ANC will face increased competition and coalition negotiations to retain control of several municipalities.
The South African rand traded around 16.4 per USD, holding close to its highest since late September, supported by firmer precious metals prices and a softer dollar amid lower oil prices. This helped to soften inflationary concerns after President Trump downplayed the likelihood of new strikes against Iran. Meanwhile, investors assessed the outcome of local municipal elections and coalition talks. The ruling ANC has suffered a major setback in South Africa's 2026 local government elections, with its support dropping from 45.59% in 2021 to 30.76%.
The party has lost significant ground in major cities, while the DA, MK Party and ActionSA have gained support. The results reflect growing voter dissatisfaction and mean the ANC will face increased competition and coalition negotiations to retain control of several municipalities.