The South Africa rand depreciated toward 17 per USD, the lowest since early December, as investors weighed the potential for deeper economic fallout from the war in Iran. Emerging market assets like the rand are typically more sensitive to global uncertainty, and during times of heightened risk, investors tend to shift away from these assets toward safer havens. The rand’s exposure is compounded by South Africa’s reliance on imported oil, meaning that rising global energy prices directly increase domestic costs and could reignite inflationary pressures. The country lacks a significant strategic oil reserve and does not have the fiscal resources to provide subsidies or reverse tax increases, leaving the currency highly vulnerable if energy prices remain elevated. This led investors to scale back expectations of support from both monetary and fiscal policy. The central bank (SARB) is anticipated to keep its policy rate unchanged on March 26 and maintain a steady stance in the near term.

The USD/ZAR exchange rate rose to 17.1611 on March 23, 2026, up 0.93% from the previous session. Over the past month, the South African Rand has weakened 7.51%, but it's up by 5.90% over the last 12 months. Historically, the USDZAR reached an all time high of 19.93 in April of 2025. South African Rand - data, forecasts, historical chart - was last updated on March 23 of 2026.

The USD/ZAR exchange rate rose to 17.1611 on March 23, 2026, up 0.93% from the previous session. Over the past month, the South African Rand has weakened 7.51%, but it's up by 5.90% over the last 12 months. The South African Rand is expected to trade at 16.99 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 16.39 in 12 months time.



Crosses Price Day Year Date
USDZAR 17.1833 0.1799 1.06% -5.78% Mar/23
EURZAR 19.7925 0.1365 0.69% 0.40% Mar/23
AUDZAR 11.9637 0.0248 0.21% 4.36% Mar/23
NZDZAR 9.9651 0.0505 0.51% -4.58% Mar/23
ZARJPY 9.2791 -0.0854 -0.91% 13.10% Mar/23
ZARCNY 0.4023 -0.0039 -0.97% 0.88% Mar/23
ZARCHF 0.0459 -0.0004 -0.85% -5.22% Mar/23
ZARCAD 0.0799 -0.0008 -1.04% 1.31% Mar/23
ZARMXN 1.0464 -0.0067 -0.64% -5.90% Mar/23
GBPZAR 22.6015 0.1161 0.52% -3.98% Mar/20
ZARINR 5.5081 -0.0420 -0.76% 16.58% Mar/20
ZARBRL 0.3124 0.0006 0.18% -0.79% Mar/20
ZARRUB 4.8869 -0.2591 -5.04% 4.46% Mar/20
ZARKRW 88.5102 -0.4308 -0.48% 9.89% Mar/20
ZARIDR 996.9194 -12.5064 -1.24% 9.90% Mar/20
ZARARS 81.8085 -1.5178 -1.82% 39.35% Mar/20
ZARCZK 1.2400 -0.0217 -1.72% -2.35% Mar/20
ZARDKK 0.3796 -0.0055 -1.44% 0.16% Mar/20
ZARHUF 20.1263 -0.0094 -0.05% -0.39% Mar/20
 Currencies
 ZAR...
 ...ZAR



Related Last Previous Unit Reference
South Africa Inflation Rate 3.00 3.50 percent Feb 2026
United States Inflation Rate 2.40 2.40 percent Feb 2026
United States Fed Funds Interest Rate 3.75 3.75 percent Mar 2026
South Africa Interest Rate 6.75 6.75 percent Feb 2026
United States Unemployment Rate 4.40 4.30 percent Feb 2026
South Africa Unemployment Rate 31.40 31.90 percent Dec 2025

South African Rand
The USDZAR spot exchange rate specifies how much one currency, the USD, is currently worth in terms of the other, the ZAR. While the USDZAR spot exchange rate is quoted and exchanged in the same day, the USDZAR forward rate is quoted today but for delivery and payment on a specific future date.
Actual Previous Highest Lowest Dates Unit Frequency
17.16 17.00 19.93 2.71 1992 - 2026 Daily

News Stream
South African Rand at Over 3-Month Low
The South Africa rand depreciated toward 17 per USD, the lowest since early December, as investors weighed the potential for deeper economic fallout from the war in Iran. Emerging market assets like the rand are typically more sensitive to global uncertainty, and during times of heightened risk, investors tend to shift away from these assets toward safer havens. The rand’s exposure is compounded by South Africa’s reliance on imported oil, meaning that rising global energy prices directly increase domestic costs and could reignite inflationary pressures. The country lacks a significant strategic oil reserve and does not have the fiscal resources to provide subsidies or reverse tax increases, leaving the currency highly vulnerable if energy prices remain elevated. This led investors to scale back expectations of support from both monetary and fiscal policy. The central bank (SARB) is anticipated to keep its policy rate unchanged on March 26 and maintain a steady stance in the near term.
2026-03-20
South Africa Rand at 1-Week High
The South Africa rand edged up to around 16.6 per USD, the highest in a week, as traders assessed the outlook for interest rates following the latest inflation data. South Africa’s headline inflation rate fell for the second month to 3% in February, reaching the central bank’s new target and slightly below market forecasts of 3.1%. However, the central bank is likely to maintain a "wait-and-see" approach due to ongoing inflationary pressures from the US-Israel-Iran conflict, with global oil prices now a key risk for the 2026 outlook. The primary concern is that higher fuel prices could feed through into broader price increases in the economy. Most economists anticipate the South African Reserve Bank to hold the benchmark interest rate steady at its March 26 policy meeting. The rand has faced increased volatility recently, pressured by global risk aversion and oil price swings.
2026-03-18
South African Rand Weakens Slightly
The South Africa rand was slightly weaker around 16.7 per USD, as market sentiment turned more cautious amid increasing tensions in the Middle East. The rand has faced increased volatility recently, pressured by global risk aversion and oil price swings, adding uncertainty to South Africa’s inflation outlook. South Africa entered 2026 with a repo rate of 6.75% following late-2025 easing, with earlier forecasts suggesting the possibility of further rate cuts as inflation stabilized and economic growth remained modest. With the country heavily reliant on imported fuel, higher oil prices could feed through to transport and production costs, threatening the downward path in inflation projected for 2026. With these risks in mind, the South African Reserve Bank is likely to hold the repo rate at 6.75% next week. Reserve Bank Governor Lesetja Kganyago has made it clear that the MPC would like to see inflation at its 3% target, not above or below.
2026-03-17