The rand suffered some losses on Wednesday but gained some strength versus global currencies as South Africans awaited the inauguration of Parliament on Thursday.
On Wednesday at lunchtime, the rand was trading about R18.23 against the dollar.
Investors effectively sold riskier assets due to concerns about the global economy and Donald Trump’s remarks on Taiwan.
The rand has rebounded somewhat on Thursday morning, trading at roughly R18.17 per dollar at 8.40 a.m. The rand was trading at roughly R19.87 per euro and R23.61 per pound.
The rand stayed positive as President Cyril Ramaphosa prepares to open Parliament at 7 p.m. on Thursday.
Thoko Didiza, Speaker of the National Assembly, stated that the inauguration of Parliament is a key occasion in the country’s democratic process.
“It stands as one of the few occasions that brings the three arms of the State, the executive, legislature and judiciary under one roof, reaffirming the commitment of all branches of State to democratic principles, accountability and cooperation in the pursuit of national progress and prosperity,” Didiza said.
“The Opening of Parliament Address (OPA) serves as a pivotal platform for the President to articulate the administration’s comprehensive plans and long-term vision for the upcoming five-year term,” she explained.
Didiza said that in the weeks since the elections, government has successfully arranged and on-boarded all 454 members of Parliament across both Houses.
Government has also successfully convened the first sittings of the National Assembly and the National Council of Provinces and has concluded the elections of Presiding Officers of Parliament.
A R14 million event
Parliament has indicated that it has budgeted between R6 million and R14 million that will be used for the event set to take place at the Cape Town City Hall.
Secretary to Parliament, Xolile George said government had made that budget because in 2023 during the State of the Nation Address, they had a budget of R8.4 million.
