Rand holds steady amid US tariff news and Gulf ceasefire
The South African rand remained stable against the dollar as the trade ministry addressed a proposed 12.5% U.S. tariff linked to forced labor concerns. Global market sentiment was also influenced by a ceasefire deal between Israel and Lebanon and a U.S. House resolution to block further conflict with Iran.
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South Africa saw its currency hold steady on Thursday morning as investors weighed a proposed 12.5% U.S. tariff linked to labor practices. The USD/ZAR traded at 16.3225, remaining near its previous close despite new trade pressures. The South African trade ministry stated the country remains compliant with all domestic and international obligations regarding forced labor.
