The South African rand traded around 18.9 per USD, holding close to its lowest since mid-July, amid caution ahead of the country's monetary policy meeting and as traders await updates on tariff negotiations. The central bank’s rate decision is due on July 31, with a 25 basis point cut broadly anticipated as the last for 2025. The South African Reserve Bank has been cutting interest rates since September 2024 and has implemented 100 basis points of cuts since. On the trade front, South Africa’s trade minister said on July 29 that the country remains committed to negotiating a trade agreement, as a 30% export levy to the US is set to take effect on August 1. South Africa is still awaiting feedback from US officials on its offer, which includes purchasing US liquefied natural gas, easing rules on US poultry imports, and investing $3.3 billion in US industries, including mining.