The rand has staged a notable recovery over the past year, confounding long-held expectations of persistent weakness.
When the rand briefly flirted with R20/ during periods of global turbulence in recent years, few investors would have predicted it would emerge as one of the better-performing emerging-market currencies by the end of 2025. Yet here we are.
For investors, however, the key question is not whether the rand is strong or weak, but what its behaviour now signals about South Africas investment landscape and where the risks still lie.
