# Rand steadies ahead of municipal elections

> The rand held near R16.65 to the US dollar on Tuesday, supported by a weaker greenback, firmer precious metals and lower oil prices, while markets waited for Wednesday's municipal elections. Analysts said the currency opened slightly weaker after the US removed South Africa from the African Growth and Opportunity Act, a move markets had largely expected.

- Date: 2026-11-03 · published 2026-11-03T15:38:35.040Z
- Category: macro · region South Africa · magnitude low
- Page: https://feedsoft.ai/events/78013-rand-steadies-ahead-of-municipal-elections
- Commodities: [South African Rand (ZAR per USD)](https://feedsoft.ai/c/USDZAR.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A weaker rand raises the local cost of imported feed ingredients priced in dollars, such as soybean meal and corn, while lower oil prices ease import costs for South African feed producers. The currency move is modest, so the price effect on feed buyers is limited.

## Read by commodity

- WTI: bearish ▼
- USDZAR: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2019-09-18 | [Rand steadies as investors wait on US fed rates, stocks down - Moneyweb](https://feedsoft.ai/events/57365-rand-steadies-as-investors-wait-on-us-fed-rates-stocks-down-moneyweb.md) | -3.4% | -10.9% |
| WTI | 2021-08-31 | [Canadian dollar steadies after ‘limited’ reaction to GDP miss - The Globe and Mail](https://feedsoft.ai/events/45789-canadian-dollar-steadies-after-limited-reaction-to-gdp-miss-the-globe-and-mail.md) | -1.2% | +8.9% |
| WTI | 2020-04-21 | [Rand steady, oil crash in focus - Moneyweb](https://feedsoft.ai/events/53913-rand-steady-oil-crash-in-focus-moneyweb.md) | -32.4% | +73.9% |
| WTI | 2017-01-18 | [C$ pares recent gains ahead of Bank of Canada rate decision](https://feedsoft.ai/events/73219-c-pares-recent-gains-ahead-of-bank-of-canada-rate-decision.md) | +0.4% | +1.4% |
| WTI | 2021-08-31 | [Oil Prices Tumble On Demand Concerns Ahead Of OPEC+ Meeting](https://feedsoft.ai/events/45724-oil-prices-tumble-on-demand-concerns-ahead-of-opec-meeting.md) | -1.2% | +8.9% |

## Sources

- iol.co.za: https://iol.co.za/business/economy/2026-11-03-rand-steadies-ahead-of-municipal-elections/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.