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Jan 20, 2023 · The rand also saw substantial growth against the pound – strengthening by 6.94%. The South African currency is set to grow even more in 2023 as global market participants try to find new ...
- This is where the rand could be heading in 2023 – BusinessTech
Investec highlighted five key scenarios for South Africa in...
- This is where the rand could be heading in 2023 – BusinessTech
- Key South African Rand Drivers
- Rand Remains Under Pressure from Deficits
- South African Rand Forecast: Will The Rand Remain Under Pressure Or Rebound?
- The Bottom Line
The South African rand is the official currency of the Southern African Common Monetary Area, issued by the South African Reserve Bank (SARB). The rand is used in South Africa and in Namibia, Lesotho and Eswatini alongside their local currencies, which are pegged to the rand. The rand was introduced in 1961, ahead of South Africa becoming a republi...
The rand started 2022 at 15.40 against the US dollar, and strengthened to 14.61 at the start of March. But the gains were short-lived, and the rand began to trend lower, reaching 15.81 on 1 April. It climbed above 16.00 in May. The USD/ZAR pair passed the 17.00 mark in July and reached 18.40 on 24 October, its highest level since April 2020. The pa...
USD/ZAR forecast
In their latest South African rand forecast, CIBC’s analysts were cautious, expecting the currency to move back to 18 against the US dollar by the end of 2022, noting: “The presumption of significant additional tightening continues to weigh on growth assumptions and drag on broad investor sentiment. A prolonged period of above average inflation and slow growth, additionally the current account is expected to slip back into deficit territory into 2023, underlines why speculative ZAR holdings h...
EUR/ZAR forecast
At the time of writing (8 November), analysts saw the potential for the rand to strengthen against the euro over the long term, following potential short-term weakness. MUFG’s South African rand forecast for 2023 showed the EUR/ZAR pair rising to 18.12 in the first quarter, from 17.67 at the end of 2022, but then retreating to 17.75 by the third quarter. The EUR/ZAR forecast from Denmark’s Danske Bankindicated that the pair could decline from the current spot rate around 17.77 to 16.50 in one...
GBP/ZAR forecast
Similarly, Danske’s GBP/ZAR forecast estimated that the rand could gradually strengthen over the next year, with the pair falling from 20.45 at the time of writing (8 November) to 18.74 in one month, 18.34 in three months, 18.56 in six months and 18.38 in 12 months. But for the longer term, the British pound to South African rand forecast for 2025 from algorithm-based forecasting service Wallet Investorshowed the pair rising to 20.714, from 20.231 at the end of 2023 and 19.976 at the end of 2...
Are you looking for a South African rand forecast to inform your foreign exchange trading strategy? It’s important to remember that the volatility of currency markets makes it difficult for analysts and algorithm-based forecasters to come up with accurate long-term predictions. We recommend that you look at the latest market trends, news, technical...
Jan 17, 2023 · Investec highlighted five key scenarios for South Africa in 2023, the most likely being its baseline scenario with a 48% chance of occurring. Extreme upside. Rand movement: Strong first quarter ...
Dec 20, 2023 · Eskom’s worst year was bad for the rand too Less a single event than an ongoing disaster, load shedding continued to be a millstone around the rand’s neck in 2023. 2023 was Eskom’s worst ...
Jan 10, 2024 · In 2023, Citadel Wealth Management said that South Africa should expect strong headwinds for risky assets, such as the rand, amidst the themes of peak inflation, peak interest rates and the ...
Aug 30, 2024 · At 1512 GMT, the rand was flat at 17.7550 per dollar . It earlier hit 17.5950 against the greenback, a level not seen since late July 2023.
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Aug 30, 2024 · The rand climbed to a 13-month high on Friday, riding a wave of optimism about South Africa’s economy and also buoyed by expectations of imminent Federal Reserve interest-rate cuts. The South African currency advanced as much as 0.8% on Friday to 17.6069 per dollar, the strongest level since July 2023 and bringing its gain this year to 4.3%, the most in emerging markets after Malaysia’s ...
