South African Rand Firms

The South African rand was trading around 17.5 per USD, recovering from a near one-month low of 18 on November 1st, after the chairman of the ruling ANC party denied speculation that President Cyril Ramaphosa was considering resigning over accusations he may have violated the constitution.

An independent panel appointed by South Africa's parliament finds the president has to answer for the theft of at least a half-million dollars from his game farm in 2020 that may not have been declared in his taxes.

Further gains were capped by a stronger dollar after a strong jobs report renewed expectations for higher interest rates.

Locally, the South African Reserve Bank has lifted the repo rate by another 75 basis points in November, marking the sixth consecutive hike in a year.

and it should continue its tightening cycle.