The South African rand has traded in a narrow range of 16.0–16.5 per US dollar since early May, with developments in the Middle East conflict continuing to shape market sentiment. Renewed tensions surrounding the Strait of Hormuz have added uncertainty after Iran announced the closure of the strategic shipping route, while US officials insisted commercial shipping remained operational. The escalation rekindled inflation concerns and expectations that major central banks could keep interest rates higher for longer. Despite these geopolitical headwinds, spillovers to the rand have remained limited, supported by South Africa's improving macroeconomic fundamentals, including the SARB's policy credibility, stronger fiscal metrics, and continued structural reforms. SARB Governor Lesetja Kganyago has maintained a hawkish stance, leaving the door open to further policy tightening should inflationary pressures persist. The central bank raised rates in May for the first time in three years.

The USD/ZAR exchange rate rose to 16.4825 on July 17, 2026, up 0.50% from the previous session. Over the past month, the South African Rand has weakened 0.29%, but it's up by 6.93% 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 July 18 of 2026.

The USD/ZAR exchange rate rose to 16.4825 on July 17, 2026, up 0.50% from the previous session. Over the past month, the South African Rand has weakened 0.29%, but it's up by 6.93% over the last 12 months. The South African Rand is expected to trade at 16.21 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 15.74 in 12 months time.



Crosses Price Day Year Date
USDZAR 16.4825 0.0825 0.50% -6.93% Jul/17
EURZAR 18.9023 0.1266 0.67% -8.09% Jul/17
GBPZAR 22.1825 0.0794 0.36% -7.36% Jul/17
AUDZAR 11.5086 0.0360 0.31% -0.07% Jul/17
NZDZAR 9.6514 0.0689 0.72% -8.53% Jul/17
ZARJPY 9.8227 -0.0795 -0.80% 16.91% Jul/17
ZARCNY 0.4100 -0.0030 -0.72% 1.13% Jul/17
ZARCHF 0.0488 -0.0005 -1.10% 7.84% Jul/17
ZARCAD 0.0848 -0.0008 -0.93% 9.55% Jul/17
ZARMXN 1.0580 -0.0044 -0.42% -0.001% Jul/17
ZARINR 5.8423 -0.0306 -0.52% 21.05% Jul/17
ZARBRL 0.3092 -0.0028 -0.90% -0.66% Jul/17
ZARRUB 4.7317 -0.0305 -0.64% 8.08% Jul/17
ZARKRW 90.0187 -0.2228 -0.25% 15.29% Jul/17
ZARIDR 1,085.9871 -9.2568 -0.85% 18.49% Jul/17
ZARARS 89.4542 -0.5147 -0.57% 25.21% Jul/17
ZARCZK 1.2789 -0.0113 -0.87% 7.54% Jul/17
ZARDKK 0.3954 -0.0030 -0.75% 9.71% Jul/17
ZARHUF 18.8556 -0.4475 -2.32% -2.13% Jul/17
 Currencies
 ZAR...
 ...ZAR



Related Last Previous Unit Reference
United States Inflation Rate 3.50 4.20 percent Jun 2026
South Africa Inflation Rate 4.50 4.00 percent May 2026
South Africa Interest Rate 7.00 7.00 percent Jun 2026
United States Fed Funds Interest Rate 3.75 3.75 percent Jun 2026
United States Unemployment Rate 4.20 4.30 percent Jun 2026
South Africa Unemployment Rate 32.70 31.40 percent Mar 2026

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
16.48 16.40 19.93 2.71 1992 - 2026 Daily

News Stream
South African Rand Holds Narrow Range
The South African rand has traded in a narrow range of 16.0–16.5 per US dollar since early May, with developments in the Middle East conflict continuing to shape market sentiment. Renewed tensions surrounding the Strait of Hormuz have added uncertainty after Iran announced the closure of the strategic shipping route, while US officials insisted commercial shipping remained operational. The escalation rekindled inflation concerns and expectations that major central banks could keep interest rates higher for longer. Despite these geopolitical headwinds, spillovers to the rand have remained limited, supported by South Africa's improving macroeconomic fundamentals, including the SARB's policy credibility, stronger fiscal metrics, and continued structural reforms. SARB Governor Lesetja Kganyago has maintained a hawkish stance, leaving the door open to further policy tightening should inflationary pressures persist. The central bank raised rates in May for the first time in three years.
2026-07-13
South African Rand at Over 1-Week Low
The South African rand hovered around 16.4 per US dollar, close to its weakest level in more than a week, as the dollar remained broadly stable but supported by safe-haven demand amid escalating tensions between the US and Iran. The latest exchange of strikes between the two countries revived fears of disruptions to oil supplies through the Strait of Hormuz. A sustained rise in oil prices could intensify global inflationary pressures and increase the likelihood of further interest rate hikes. Domestically, South African Reserve Bank Governor Lesetja Kganyago recently noted inflation expectations had moved above the central bank’s 3% target, whle suggesting that further monetary tightening could be considered. The SARB’s Monetary Policy Committee is due to meet on July 23rd to decide on interest rates.
2026-07-08
South African Rand Remains Range-Bound
The South African rand has traded in a narrow range of around 16–16.5 per US dollar since May, amid a resilient US dollar and volatility in key precious metals, particularly gold and PGMs. The Middle East conflict fuelled global uncertainty and strengthened demand for the safe-haven greenback. Following the US–Iran interim deal reopening the Strait of Hormuz, oil prices declined, easing inflationary pressures. Markets remain hopeful for an end to the conflict, despite a recent flare-up in hostilities that caused a stalemate in direct talks. Meanwhile, SARB Governor Lesetja Kganyago noted inflation expectations have moved above the central bank’s 3% target, supporting the May rate hike and suggesting further tightening may be required. The central bank lifted rates in May for the first time in three years, in a defensive move against second-round effects from the oil shock.
2026-07-01