The South African rand was relatively stable around 18.1 per USD, on stronger precious metal prices and after South Africa’s central bank unsurprisingly lowered borrowing costs for a second successive meeting by a conservative 25 bps. Policymakers noted that headline inflation fell below the target range of 3%-6%, reaching 2.8% in October, but warned of significant uncertainties and upside risks in the medium-term outlook. Further gains were capped by a robust dollar, bolstered by the prospect of fewer Federal Reserve rate cuts next year due to the inflationary potential of President-elect Donald Trump’s proposed tariffs and tax cuts, alongside ongoing geopolitical tensions.
The USDZAR increased 0.0052 or 0.03% to 18.1129 on Friday November 22 from 18.1077 in the previous trading session. Historically, the USDZAR reached an all time high of 19.92 in June of 2023. South African Rand - data, forecasts, historical chart - was last updated on November 23 of 2024.
The USDZAR increased 0.0052 or 0.03% to 18.1129 on Friday November 22 from 18.1077 in the previous trading session. The South African Rand is expected to trade at 17.84 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 18.48 in 12 months time.