The rand faced challenges on Wednesday but gained strength against global currencies as South Africans awaited the opening of Parliament on Thursday.
By midday Wednesday, the rand was trading at around R18.23 to the dollar. Investor concerns over the global economy and Donald Trump’s comments on Taiwan led to a sell-off of riskier assets. However, by Thursday morning, the rand had recovered slightly, trading at approximately R18.17 to the dollar at 8:40 am. It was also trading at R19.87 to the euro and R23.61 to the pound.
The rand’s performance remained positive as President Cyril Ramaphosa prepared to open Parliament on Thursday evening at 7 pm. Thoko Didiza, Speaker of the National Assembly, highlighted the significance of this event for the country’s democracy, noting it brings together the executive, legislature, and judiciary, reaffirming their commitment to democratic principles and cooperation for national progress.
Didiza also mentioned that the government had successfully onboarded all 454 members of Parliament across both Houses and convened the first sittings of the National Assembly and the National Council of Provinces, including the elections of Presiding Officers.
Parliament has budgeted between R6 million and R14 million for the event at Cape Town City Hall. Xolile George, Secretary to Parliament, explained that this budget was based on the R8.4 million spent during the 2023 State of the Nation Address.
