The South African rand has staged a remarkable rebound, trading at its strongest levels in more than two years after a turbulent start to 2025 that saw the currency nearly hit R20 to the US dollar in April.
At that time, global shocks, including a US tariff-driven sell-off, had combined with domestic instability to push the rand to historic lows.
By early October, the currency had strengthened to around R17.00/, marking a notable turnaround that economists say has been supported by both foreign inflows into South African assets and a weaker US dollar. Currently, the rand is trading near R17.45/, moving within a tight band around R17.30/, with the R17.00/ level acting as a major resistance point.