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.

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.

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

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.

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.

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.

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.

The South African rand depreciated to a one-month low of R18.80 per dollar due to a stronger US dollar and ongoing political uncertainty.

The rand demonstrated notable resilience, but ongoing challenges and political uncertainties continue to pose risks.

As the elections approach, the rand might struggle to make further gains as the market assesses what the election results mean for national coalition politics.

The South African rand gained strength recently due to a weaker US market and conservative policies of the South African Reserve Bank.

The rand’s rise was primarily influenced by international factors, particularly trends in the US Dollar (USD), though domestic economic data also played a significant role.

The South African rand demonstrated a surge this past week, largely influenced by international factors and global market sentiments.

This week, two key events unfolded: US inflation data surpassed forecasts, delaying the rate cut to September and boosting the US Dollar.

The South African rand increased significantly the past week. This was due to a weaker USD and a robust gold price.

Last week, the South African rand (ZAR) stayed stable, fluctuating between R23.75 and R23.95 against the British Pound. More in the following report.