South Africa Exchange Rate January 2016

South Africa

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

January 22, 2016

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 20 January when it traded at 16.94 ZAR per USD. The figure was 12.43% weaker than on the same day in the previous month and 45.6% weaker on an annual basis.

The currency has been under escalating pressure amid a myriad of economic problems. The rand’s value plummeted against the greenback after President Jacob Zuma dismissed Finance Minister Nhlanhla Nene in a widely criticized move that crashed the country’s stock market. This has negatively affected business confidence. Moreover, lower commodity prices and concerns regarding the health of the Chinese economy are putting more pressure on the currency.

FocusEconomics Consensus Forecast panelists expect the rand to end 2016 at 12.24 ZAR per USD. In 2017, 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 January 2016

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

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