The USD/ZAR exchange rate has experienced notable fluctuations year-to-date, reflecting global and domestic economic developments. Compared to previous years, January 2025 so far has been within historical ranges of its volatility, but the currency has been reasonably flat. While the rand has occasionally strengthened on factors such as improved commodity prices or favourable relative real interest rates, broader concerns about sovereign debt sustainability and our relative economic outlook continue to weigh on its performance.
Compiled by Precious Nhamo
