The South African rand was trading around 15.8 against USD, its highest in a week, trying to recover from a recent slump that sent the currency to an over one-year low of 16.3 hit at the end of November. Still, investors continued to worry about the impact of the new Omicron Covid-19 variant on the global economic recovery and monetary tightening plans by central banks. Meanwhile, President Cyril Ramaphosa had decided not to tighten lockdown curbs until more information was available on Omicron, meaning the country will remain on the lowest ‘Level One’ of its five-level lockdown.
Historically, the South African Rand reached an all time high of 19.35 in April of 2020. South African Rand - data, forecasts, historical chart - was last updated on December of 2021.
The South African Rand is expected to trade at 16.44 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 17.04 in 12 months time.