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The South African rand depreciated further toward 18.7 per USD, its lowest since February 28, amid political uncertainty over stalled national budget negotiations. The Democratic Alliance (DA) announced that talks with the ruling ANC had collapsed. While the budget cleared an initial hurdle in parliament on Tuesday, securing ANC-backed support on a key committee, lawmakers raised concerns over its main revenue-generating measures. The two largest parties in the ruling coalition have been negotiating for weeks to reach an agreement on the contested budget, marking the biggest test yet for the government of national unity formed after the ANC lost its parliamentary majority last year.

South African Rand Remains Under Pressure

Ghana's annual consumer inflation fell for the third month to 22.4% in March 2025, reaching the lowest in five months, helped by the stability of the cedi. Still, the inflation rate remains well above the Bank of Ghana’s 8% target range, with a 6%-10% tolerance band. Price growth moderated for both food (26.5% vs 28.1% in February) and non-food products (18.7% vs 18.8%). On a monthly basis, consumer prices rose by 0.2%, marking the softest increase in seven months, after a 1.3% rise in the previous month.

Ghana Inflation Rate Slows to 5-Month Low

Cocoa increased to a 4-week high of 8469.00 USD/T. Over the past 4 weeks, Cocoa gained 7.09%, and in the last 12 months, it decreased 11.23%.

Cocoa Hits 4-week High

The Indian rupee continued to strengthen toward 85 per USD, its highest level since late December 2024, with the dollar slightly weaker ahead of the reciprocal tariffs announcement by US President Donald Trump. Lower crude oil prices also provided support. The rupee's relative strength since mid-March has been fueled by a revival in foreign fund inflows, forex market interventions by the RBI and expectations of interest rate cuts,  bolstered by more favorable inflation data. Optimism around US-India trade negotiations further added to the positive momentum.

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