The South African rand continued its remarkable rally against the US dollar on Thursday, 15 January. At one point the US dollar was trading for R11.67 – it was trading at 11.69 at the time of this report.
The last time the South African currency traded at figures between 11.60 and 11.70 to the greenback was between December 2014 and January 2015.
The rand is, according to experts, overtraded and is the subject of considerable foreign exchange speculation, and therefore unpredictability – mainly fueled by daily political developments and public policy shifts. The current political turmoil involving the recent resignation of Jacob Zuma as South Africa’s president and the associated transition of power is one such political development.
