The rand inched upward early on Tuesday, bouncing back from the previous session’s losses as investors betting on President Cyril Ramaphosa securing a big enough election majority to push through reforms locked in positions.
At 0650 GMT, the rand was 0.1% firmer at R14.4550 after sliding to a session low R14.5325 on Monday, weighed down by resurfacing trade tensions between the United States and China after President Donald Trump threatened $200 billion worth of tariffs on Chinese goods.
While a victory for the ruling African National Congress is almost certain, its majority is likely to shrink, constraining Ramaphosa’s reform and keep the economy on slow burn.
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