The rand remained steady for most of Wednesday’s trading session, despite retail sales data coming in weaker than expected, according to economists surveyed by Reuters.
The rand was trading at 17.87 against the dollar, approximately 0.3% stronger than its close on Wednesday.
Statistics South Africa reported that retail sales rose by 4.2% year-on-year in May, following a revised increase of 5.2% in April.
Nedbank economists noted in a research report that these positive figures were driven by a more subdued inflation environment, lower interest rates, and reduced debt servicing costs.
These factors have contributed to an increase in real wages and discretionary spending.
On Thursday, 17 July, the rand was trading at R17.85 to the dollar, R23.91 to the pound and R20.75 to the euro. Oil was trading slightly lower at $68.77 a barrel.
Here are five other important things happening in and affecting South Africa today:
Pain for Woolworths: Woolworths’ share price has fallen by over 21% in the past six months. Although its food division performs well, the overall performance is inconsistent. The company is dealing with a challenging operating environment in South Africa and Australia. [Business Day]
R150 million handed to Daybreak Foods: Daybreak, a bankrupt chicken producer, has obtained a new loan of R150 million from the Public Investment Corporation (PIC) to cover salaries and support its business rescue. Deputy Minister of Finance David Masondo noted that the PIC will not provide any more funding. [News24]
R700 million given to SABC: The Department of Communications and Digital Technologies has allocated R704 million to the South African Broadcasting Corporation (SABC) over the Medium-Term Expenditure Framework (MTEF). [MyBroadband]
Tough road ahead for South Africa: Reserve Bank Governor Lesetja Kganyago said South Africa has had it easy over the past three decades, but current changes in the global environment will not be as favourable going forward. Therefore, he said South Africa faces significant challenges amidst a less open, prosperous and tolerant world order. [Daily Investor]
Lottery trouble: Lottery operator Ithuba has claimed that Trade, Industry, and Competition Minister Parks Tau awarded the lottery license to Sizekhaya, a company that is politically connected and unprepared. Ithuba has filed court papers seeking to challenge the decision to award the fourth national lottery license and is requesting that it be set aside.
Markets and Indicators:
Name Value Move in %
Rand / Dollar 08:17 17.8946 -0.12%
Rand / Pound 08:17 23.9849 0.24%
Rand / Euro 08:17 20.7740 -0.05%
Rand / Swiss Franc 08:15 22.3536 0.01%
Gold (usd/oz) 08:16 3 340.77 0.50%
Platinum (usd/oz) 08:16 1 381.50 -0.85%
JSE Shares Up/Down:
Large Caps
Name Value (R) Move (R) Move in %
EXX: EXXARO 173.27 4.18 2.47%
NPN: NASPERS-N 5,545.38 124.39 2.29%
PRX: PROSUS 1,011.99 19.99 2.02%
CLS: CLICKS 362.35 6.95 1.96%
All Share (J203) 97 019 0.23%
All Share Industrial (J257) 144 840 0.48%
Financials (J580) 52 792 0.22%
Top 40 (J200) 89 304 0.29%
Industrial 25 (J211) 136 566 0.54%
Financial 15 (J212) 20 715 0.22%
Resources 10 (J210) 80 245 -0.14%
Financial data provided by: iress, 15min delay
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Updated: July 2025
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