Africa-Press – South-Africa. The South African rand weakened in early trading on Friday, continuing the losses it experienced late the previous day when the dollar surged due to better-than-expected US economic data.
The rand was trading at 17.46 against the dollar, down approximately 0.2% from Thursday’s closing rate of 17.43.
The dollar index, which measures the greenback against major currencies, rose by 0.6% on Thursday.
This was after reports showed that US economic growth, unemployment claims, durable goods orders, and wholesale inventories all exceeded expectations.
The rand largely ignored this week’s local economic data releases, which included an unexpectedly sharp increase in producer inflation and a rise in a business cycle indicator that assesses the economic outlook.
On Monday, 29 September, the rand was trading at R17.30 to the dollar, R23.25 to the pound and R20.29 to the Euro. Oil was trading slightly lower at $69.73 a barrel.
Here are five important things happening in and affecting South Africa today:
Suburb ranked one of the ‘coolest’ in the world: Johannesburg’s Linden has been ranked 17th among the world’s top 20 “coolest neighbourhoods” by TimeOut. The ranking is based on feedback from writers and editors worldwide, who assess culture, community, liveability, nightlife, food and drink, street life, and the “sense of nowness.” [Newsday]
Good news for people with DStv: MultiChoice customers can look forward to new content following the takeover by Canal+, which has a vast library of European movies. Canal+ Africa CEO David Mignot mentioned that the companies will combine their catalogues. [MyBroadband]
Phala phala report could do damage: The report on IPID’s investigation into Phala Phala could “seriously damage operational relations between institutions,” leading to its classification as “top secret” by the government, according to Police Minister Firoz Cachalia, adding that this is why it was “absolutely necessary’ to classify the report. [News24]
SIU to release interim report about Tembisa Hospital: The Special Investigating Unit (SIU) will soon release its interim report on allegations of corruption and irregularities at Tembisa Hospital. In 2023, President Cyril Ramaphosa authorised the investigation following the 2021 murder of whistleblower Babita Deokaran, the chief accountant at the Gauteng health department. [EWN]
Investigation into electricity prices: The National Energy Regulator of South Africa (Nersa) is launching a market inquiry into the effects of splitting Eskom’s generation charge into a capacity charge, legacy charge, and variable energy charge and the impact of municipal fixed charges on consumers. [Moneyweb]
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