All eyes on the first sitting of Parliament and the rand remains stable

Published Jun 14, 2024


The rand remained stable on Friday morning when compared to global currencies as South Africa's first sitting of parliament is expected to begin.

The rand was trading at around R18.44 at 6.30am against the US dollar. The rand was trading at around R18.46 Thursday at the close of business.

The rand was trading at around R18.38 at 10am against the same currency. The rand was trading at around R19.70 against the euro and around R23.42 to the pound.

Anchor Capital noted yesterday that the rand was weak against the dollar.

The financial institution also said that the producer price index (PPI) unexpectedly fell in May.

In addition, the yield on benchmark government bonds fell yesterday. The yield on the 2030 bond declined to 10.13%, while that for the longer-dated 2040 issue fell to 12.38%.

Anchor Capital also added that the euro declined against most of the major currencies.

“In the eurozone, seasonally adjusted industrial production declined in April, on falling intermediate goods output,” it said.

First sitting of Parliament

These inaugural sittings will take place at the Cape Town International Convention Centre (CTICC), as the parliamentary precinct is undergoing renovation after the fire that damaged several buildings in 2022.

It is at this sitting that the National Assembly will elect South Africa’s new President, Deputy President and Speaker.

Secretary to Parliament, Xolile George said the administration of Parliament has undertaken extensive preparatory work to ensure a seamless transition from the sixth term to the seventh term of Parliament.

“This has been a pivotal moment for us as a nation, involving a delicate constitutional process that has not been without its challenges,” he said.