South African Rand Loses Ground

EthereumCraftsman · 2026-01-30T18:29:02+00:00

The South African rand weakened to 15.9 per USD, affected by falling gold prices and a stronger dollar. The Reserve Bank maintained the interest rate at 6.75%, reflecting confidence in inflation stability and a revised forecast of 3.3% for 2026.

EthereumCraftsman

2026-01-30 18:29:02

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The South African rand depreciated more than 1% to around 15.9 per USD, pressured by retreating gold prices and a firmer US dollar. However, the currency remained close to June 2022-highs, amid positive domestic fundamentals and elevated prices for commodities. Meanwhile, the South African Reserve Bank left the benchmark interest rate at 6.75% at its first meeting of 2026, after a 25 bps rate cut in November, signaling a balanced stance on global risks and confidence in the current inflation trajectory. The decision followed a downward revision to the 2026 inflation forecast to 3.3%, closer to the new 3% target amid an improved inflation outlook.

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