South Africa Exchange Rate

South Africa

South Africa: South African rand hits new record-low level in early-November

November 13, 2015

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 13 November when it traded at 14.29 ZAR per USD. The figure was 6.5% weaker than on the same day in the previous month and 27.8% weaker on an annual basis. The currency has lost more than 23.0% of its value since the beginning of the year.

The depreciation of the rand comes after renewed concerns over a slowdown in China. Moreover, weak domestic mining data as well as a slump in commodity prices are putting further pressure on the currency. In 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 and water shortages and a persistent fiscal deficit are also fueling the decline of the currency.

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

Author:, Senior Economist

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South Africa Exchange Rate Chart

SouthAfrica Exchange Rate November 2015

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

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