The risk-sensitive rand was trading at 16.4925 against the US dollar, reflecting a decline of approximately 2.3% from Monday’s closing value.
The All-Share index of the Johannesburg Stock Exchange was down 4.8% at last check.
South Africa’s benchmark government bond for 2035 saw a sell-off, pushing yields up 13.5 basis points to 8.27%.
Analysts observed a typical “risk-off” reaction to the US-Israeli air conflict involving Iran, resulting in capital flight from emerging markets, including South Africa.
In contrast, the US dollar gained 0.7% against a basket of currencies. Meanwhile, precious metals such as gold and platinum, which are significant exports for South Africa, experienced a decline.
Analysts noted that the drop in commodity prices could significantly affect the Johannesburg bourse, which is heavily weighted towards resource and mining stocks, particularly those related to platinum group metals.
As of Wednesday, 04 March, the rand is trading at R16.59 to the dollar, R22.10 to the pound, and R19.24 to the euro.
Gold is currently valued at $5,161.31 per ounce, while oil prices have risen to $83.17 per barrel.
5 important things happening in South Africa today
Bad news for taxpayers in South Africa: The government aims to raise South Africa’s tax-to-GDP ratio to its highest level in history, indicating that it will take more money from citizens than ever before. On 25 February 2026, Finance Minister Enoch Godongwana presented the 2026 Budget, revealing that tax collections exceeded expectations. As a result, South Africa’s tax-to-GDP ratio rose from 25.1% in the 2025 financial year to 25.9% in the 2026 financial year. [DailyInvestor]
The R35 billion mess in South Africa’s waterfront city: The Durban Point Waterfront was intended to become a high-tech waterfront like those in Dubai and Singapore, but the project has stalled since its launch in 2017. Spanning 750,000 square meters, it was designed to feature six distinct precincts with skyscrapers and high-rise developments. However, much of the area remains vacant since completion. The development was stalled due to a combination of legal, environmental, and infrastructure issues. Beach closures in recent years due to high E. coli levels—linked to sewage flowing into the ocean—highlight years of neglect in the city’s sewerage infrastructure, worsened by the 2022 floods. [MyBroadband]
Huge decline in JSE: The JSE’s All Share Index took a significant hit, dropping over 5.5% on Tuesday, reflecting steep declines in both emerging and major global markets due to rising geopolitical tensions in the Middle East. The Top 40 index fell nearly 6%, while the resource index plummeted 9.75%. Additionally, the industrial and financial indices decreased by about 3% and 4%, respectively. This stark decline follows the JSE’s record high closing on Friday after the 2026 Budget announcement. The sell-off occurs amid heightened geopolitical uncertainty, as tensions escalate in the conflict involving the US, Israel, and Iran. [Moneyweb]
Foot-and-mouth disease spreads to all nine provinces: The outbreak of foot-and-mouth disease (FMD) in South Africa has now affected all nine provinces, with the World Organisation for Animal Health (WOAH) receiving reports of 932 confirmed outbreaks. In response, the government has begun implementing the cabinet’s focused national vaccination strategy. Agriculture Minister John Steenhuisen informed MPs that vaccination initiatives are now fully underway across the provinces, thanks to the arrival of more vaccine supplies. [BusinessDay]
Company behind nine fatalities not registered: The firm responsible for the Joburg building that collapsed and resulted in nine fatalities on Monday was not registered with the national construction regulatory authority, and city officials are unable to locate its owners. According to the National Home Builders Registration Council (NHBRC), which oversees the construction industry, New World Order Investments 90 Ltd Pty is not listed in their records. [TimesLive]
