South African Rand at 2022-Highs

2026-01-26 12:41 By Luisa Carvalho 1 min. read

The South African rand continued to strengthen to reach 16 per USD, the highest since June 2022, driven by record prices for key exports including gold, silver, platinum, and palladium.

The currency has risen over 3% against the dollar since the start of 2026, building on strong gains from 2025, helped by lingering concerns over the US economy under President Trump and positive domestic developments.

Meanwhile, the South African Reserve Bank’s is set to announce its first decision of the year on Thursday, 29 January, a day after the US Federal Reserve, which is widely expected to keep rates unchanged.

Markets anticipate that the SARB will also keep rates unchanged following a cut in November 2025, with a further reduction possible in March if inflation data warrants.

A Reuters poll showed 18 of 26 analysts foresee steady rates, while eight expect a 25 basis point cut to 6.5%.

Inflation rate inched up to 3.6% in December 2025 from 3.5% in November, still above the SARB's new 3% target.



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