The South African rand traded around 17.5 per USD, a near two-week low, pressured by declining prices of precious metals, particularly gold. On the domestic data front, South Africa's inflation edged higher to 3.4% in September from 3.3% in August, though below analysts' estimates of 3.5%. This might lead the central bank to keep its policy rate at 7% at its next meeting on November 20 in an effort to guide inflation toward 3%. In July, the MPC expressed a preference for inflation to align with the lower end of its 3%–6% target range rather than the 4.5% midpoint, though the target has not yet been formally changed. Speaking at the SA Tomorrow Investment Conference 2025, South African Reserve Bank Governor Lesetja Kganyago said that the country is now in an era of “low and stable inflation,” which should help push inflation expectations lower. Nevertheless, he cautioned earlier this month that, while inflation looks “relatively contained,” near-term overshoots are still expected.