South African Rand Struggles Amidst Political Turmoil

South African Rand Struggles Amidst Political Turmoil

South African Rand depreciated against USD last week, slipping by 1.2% to 18.40. A larger than expected drop in inflation caused the Rand to give up some of its recent gains against a stronger Dollar. South Africa heads into its elections this week, where polls suggest the ruling African National Congress could lose its legislative majority for the first times since coming to power 30 years ago. This uncertainty will likely cause short term volatility in the Rand until the political environment is settled.

Published on 29 May 2024

Last week saw the Rand falter by 1.2% against the USD to 18.40, attributed to unexpected inflation drops and looming elections shaking investor confidence, expect short-term Rand volatility until political clarity emerges.

Open a free multi currency account with Hubpay

We help companies all around the globe to send money in the easiest and cheapest way using multiple currencies. Talk to Hubpay Corporate FX team today

Share this blog on

What's on this page

Hubpay enables seamless Corporate FX payments all around the globe

Share on

Streamline your Corporate FX

Fast account opening – Minimal Paperwork