The rand, stocks, and government bonds have all declined as investors shifted toward safer assets, such as the US dollar, amid escalating tensions in the Middle East.
The rand was trading at 16.72 against the dollar, a drop of 0.4%on Friday, reflecting a similar trend among most emerging market currencies.
The currency entered the weekend at 16.56.
The US dollar gained approximately 0.2% against a range of currencies. Currency analysts noted that the rand is under pressure from growing global risk aversion and rising oil prices, which negatively impact South Africa as a net energy importer.
They anticipate the local currency will likely fluctuate between 16.40 and 16.75 per dollar in the short term as the market seeks more clarity on the geopolitical landscape and upcoming US economic data.
Meanwhile, the Top-40 index on the Johannesburg Stock Exchange fell by 2%.
As of Sunday, 8 March, the rand is trading at R16.55 to the dollar, R22.21 to the pound, and R19.20 to the euro.
Gold is currently valued at $5,171.92 per ounce, while oil prices have surged to $92.69 per barrel.
5 important things happening in South Africa today
R100,000 ‘gift’: A major tax break announced in the 2026 National Budget means South Africans selling their primary homes will now keep significantly more of their profit. This change is expected to positively influence both household finances and South Africa’s broader property market. Effective 1 March, the capital gains tax (CGT) exclusion on primary residences has jumped from R2 million to R3 million. This is a major financial boost for ordinary homeowners, with the exclusion changing the maths in their favour. An example of a long-term owner in a high-value suburb who bought their property for R2.5 million in 2005 would be able to pocket over R140,000 when selling, under the new exclusion. [Daily Investor]
Central bank set to redraft risk scenarios : The central bank will redraft its risk scenarios for the upcoming rate decision meeting, as rising oil prices due to the expanding Middle East conflict influence the economic outlook, according to the central bank governor. The move is due to the chaos upending its previous scenarios, forcing a rethink. The bank is set to determine interest rates on March 26, following a decision in late January to hold the main lending rate steady at 6.75%. Policymakers based that decision on a desire to see inflation expectations decrease further. [CBNC]
Free Wi-Fi on the cards in Johannesburg’s township: On Saturday, 7 March 2026, the City of Johannesburg’s Metropolitan Tech Company inaugurated its Smart Pole Project on Mpumelelo Street in Slovo Park. The metro characterised the event as the beginning of a new era focused on improved connectivity, enhanced safety, and increased digital opportunities within the informal settlement. Slovo Park is a community-led informal settlement within the municipality, recognised for its continuous efforts to secure land rights and improve service delivery. [MyBroadband]
Expansion forecast for top South African bank: FirstRand is exploring opportunities across southern and western Africa, aiming to increase its earnings contribution as the continent’s largest bank by market value. The Johannesburg-based company is looking to expand its operations into Ghana and Nigeria in an effort to become one of the top three lenders in these significant West African markets. [DailyInvestor]
FMD vaccine rollout reaches Gauteng: The government has started administering foot-and-mouth disease vaccinations in Gauteng. Efforts to contain the highly contagious livestock illness are being stepped up. Agriculture Minister John Steenhuisen and Agriculture MEC Vuyiswa Ramokgopa are engaging with farmers and stakeholders throughout the province. Farmers report that the outbreak has already impacted livestock production and their businesses. Steenhuisen plans to visit Suikerbos Nature Reserve, then proceed to Mmagagula Heights in Katlehong to meet communal herders. [ENCA]
