South Africa Exchange Rate

South Africa

South African rand hits new record-low level in late-September

South Africa’s rand (ZAR) has lost ground against the U.S. dollar in recent weeks, thus continuing a trend that began in mid-2011. The currency tumbled to a new record-low on 24 September when it traded at 14.03 ZAR per USD. The figure was 6.5% weaker than on the same day in the previous month and 25.9% weaker on an annual basis. The currency has lost more than 20.0% of its value since the beginning of the year. The depreciation of the rand comes after renewed concerns over a slowdown in China. Indeed, the pressure on the currency increased after a gauge of manufacturing production in China signaled a contraction for the seventh consecutive months.

On 23 September, the Central Bank kept the repo rate unchanged at 6.00% as growth concerns outweighed risks stemming from a weak currency and an upcoming rate hike by the Fed. Moreover, systematic electricity shortages and a persistent fiscal deficit are also fueling the decline of the currency.

LatinFocus Consensus Forecast panelists expect the rand ending this year at 12.24 ZAR per USD. Next year, the panel sees the currency trading at 12.27 ZAR per USD.

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South Africa Exchange Rate Chart

SouthAfrica Exchange Rate October 2015

Note: Exchange rate, ZAR per USD (eop).
Source: Thomson Reuters

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