The South African rand traded around 17.2 per US dollar, maintaining a level close to its highest since September 2024. The currency's strength has been primarily supported by rising gold prices.

Meanwhile, the latest domestic inflation data did little to alter market expectations for a potential interest rate reduction by the South African Reserve Bank at its upcoming meeting on November 20.

South Africa's inflation rate accelerated to 3.6% in October, up from 3.4% in September, but came in slightly below market forecasts of 3.7%. The figures suggest persistent but contained price pressures, leaving room for possible monetary policy easing.