The South African exchange rate’s tumultuous ride

SOUTH AFRICA - Report 15 Aug 2018 by Iraj Abedian

The rand has been taking a hammering, particularly since the past week, and has also been very volatile of late. The South African exchange rate had appreciated significantly since around the time when the now-President Ramaphosa first claimed victory to become the leader of the governing ANC, and later of the Republic. By end-February 2018 the currency had reached a daily average low of around R11.56 per US dollar, but the gains began to reverse after March 2018. Notwithstanding this trend, the recent depreciation of the rand has been quite substantial and has put markets on edge.

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