South Africa's rand gained against a weaker dollar on Wednesday, as investors awaited President Cyril Ramaphosa's national address on Thursday and closely watched developments between the U.S. and China in their dispute over tariffs.

South Africa’s President Cyril Ramaphosa has spoken with Elon Musk to discuss “issues of misinformation and distortions about South Africa,” according to a statement shared on Tuesday (Feb. 4). “In the process,

President Cyril Ramaphosa had spoken with Musk "with the intention to see him invest more in South Africa," his spokesman told reporters.