Well would you look at that? South Africa’s flagship currency has staged a major recovery against the US Dollar this week, reaching levels not seen since 2019. The Rand briefly dipped below the $1 : R14 mark on Monday, before stabilising between R14.00 to R14.10. But what has caused this fluctuation in the exchange rate?
What is the latest exchange rate for the US Dollar and the South African Rand on Monday 10 May?
This time last year, the Rand was in meltdown against the US Dollar. As the value threatened to break the R20 mark, months of gradual recovery brought the currency back to the R15 range. But, following a strong few weeks, ZAR has made in-roads on the greenback – yet experts believe this is probably the peak of the resurgence: