South African rand steady as US envoy pick, hopes for Iran talks support sentiment
- The rand traded at 16.3325 against the dollar , unchanged from its previous close
JOHANNESBURG: The South African rand was steady in early trade on Wednesday as markets weighed Roelf Meyer’s appointment as ambassador to the United States and the prospect of a second round of US-Iran peace talks in Pakistan later this week.
At 0628 GMT the rand traded at 16.3325 against the dollar , unchanged from its previous close.
South Africa has not had an ambassador in Washington since its last one, Ebrahim Rasool, was expelled in March 2025 after angering the Trump administration.
Relations between Washington and Pretoria have been tense during US President Donald Trump’s second term as he has made false claims about the persecution of South Africa’s white Afrikaner minority.
Meyer is a veteran negotiator who was the chief representative of the white minority government in the negotiations to end apartheid in the 1990s. South Africa’s benchmark 2035 government bond was firmer in early deals, as the yield fell 7 basis points to 8.345%.
The US dollar was also flat against a basket of currencies as optimism around renewed US–Iran peace talks reduced demand for safe-haven assets.
“With a possible second round of peace talks happening again in Pakistan later this week, operators are quietly positive,” Adam Phillips, treasury specialist at Umkhulu Treasury, said.
“It has pushed the USD to a six-week low and I am sure that Trump is hoping for something soon to end this,” added Phillips.‑Reuters
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