Rand steady as ruling party takes lead in elections

South Africa‘s rand was mostly unchanged in early trade on Friday, as vote counting showed the ruling African National Congress to hold a commanding lead in an election for a new parliament and provincial legislatures. The ANC is set to retain power after Wednesday’s election though the party is on course for its worst performance in a national poll in its 25 years in government.

Read: ANC set to retain power in South Africa but support slips

At 0638 GMT, the rand traded at 14.32 per dollar, 0.17% firmer than its New York close on Thursday.

The rand is expected to trade in the range of R14.25 to R14.40 to the dollar, NKC African Economics said in a morning note.

Investors however remain nervous after US President Donald Trump’s tariff hike on $200 billion of Chinese goods took effect, raising tensions between the world’s two biggest economies despite ongoing talks negating any positive moves from elections.

In fixed income, the yield on the benchmark instrument due in 2026 was down 3 basis points to 8.52%.