The South African rand was little changed at 15.3 against the greenback on Friday, not far from a five-week low of 15.4 touched earlier in the session, after Fed Chair Powell did not signal any change in policy despite rising Treasury yields. Meanwhile, investors continue to monitor developments around further US stimulus and the pace of vaccination rollouts. Meanwhile, South Africa’s medicines regulator said on Thursday that it was at an advanced stage of reviewing an emergency use application for Pfizer’s COVID-19 vaccine.
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 March of 2021.
The South African Rand is expected to trade at 15.51 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 16.01 in 12 months time.