The rand weakened steadily last week, showing that global factors often outweigh local positive news.

The South African rand saw big swings last week, driven by Donald Trump’s re-election and eased tensions in the Middle East and Ukraine, but closed nearly unchanged at R17.52 to the dollar.

The rand started the week on a cautious note as markets braced for a busy data calendar and the BRICS summit, both of which could influence its stability.

This week, the SARB held its monetary policy steady, Eskom’s debt loomed, retail sales brought hope and despite ECB turbulence and Middle East tensions, the rand remained resilient.

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The South African rand started the week at R17.07 to the US dollar, hitting a 20-month high following a stretch of consistent gains.

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This past week, the rand showed strength and volatility, with the USD/ZAR rate dropping from R17.92 to R17.06 by September 2024.

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The South African rand opened at R17.82 against the US dollar, near its R17.67 support zone. Despite hopes for strengthening, it slipped to R17.92 by Tuesday.

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Last week, the South African rand opened at R17.79 to the US dollar, fluctuating between R18.02 and R17.59, driven by economic data affecting both currencies.

As the week started, the rand weakened to R17.97 on Tuesday due to lower-than-expected Q2 GDP growth in South Africa and anticipation of US employment data.

The rand started the week at 17.85 USD/ZAR, fell to 17.69, with improved business confidence and a small rise in industrial production boosting investor confidence.

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The rand strengthened on Monday, briefly falling below R17.70, but this momentum is likely to slow as we near the release of local inflation figures on Wednesday.

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By the end of last week, the rand closed at R18.30 against the dollar and continued to strengthen, reaching R18.20 on Monday.

This week, an attempted assassination of Donald Trump, Joe Biden exiting the presidential race and a global internet outage occurred. Investors shifted to stable currencies, causing the rand to depreciate.

The rand has fluctuated significantly due to international influences this past week. Softer US economic data and US election activities have caused uncertainty about the long-term strength of the US dollar.

The rand sharply dropped by nearly 65 cents against the dollar in the first two days of last week due to weak economic data and increased political interference.

On Monday, the rand strengthened to R18.00 at the opening but closed at R18.32 as the market realized the new government’s policies would take time to drive economic growth.

The rand dropped to R18.23 per USD before rebounding to around R18.10 due to a technical correction and anticipation of President Cyril Ramaphosa’s cabinet appointments.

Throughout the week, the dollar strengthened after hours, but during the South African trading desk time, the rand gained strength and lowered the exchange rate.

The South African rand has exhibited some fluctuation and is currently valued at R18.85 against the US dollar.