JOHANNESBURG: South Africa’s rand was stable in volatile trade on Thursday, as financial markets awaited “reciprocal tariffs” that U.S. President Donald Trump said he planned to unveil later in the day.
At 1532 GMT, the rand traded at 18.5325 against the U.S. dollar, at its Wednesday closing level.
Trump on Thursday said he would unveil reciprocal tariffs, but gave no details about his latest plan, which could take aim at every country that charges duties on U.S. imports.
Trump already announced tariffs on all steel and aluminum imports beginning on March 12 and imposed 10% tariffs on goods from China since taking office in January.
South African rand stable after Powell’s cautious comments; US inflation in focus
On the Johannesburg Stock Exchange, the blue-chip Top-40 index closed about 0.1% down.
South Africa’s benchmark 2030 government bond was stronger, with the yield down 4 basis points at 9.165%.