The Rand – 4th Quarter 2021

The rand weakened (-6.2%) over the quarter, in line with the weaker global emerging market sentiment.

Over the longer term and on a simplistic basis, the South African rand seems to be slightly above fair value relative to the US dollar as indicated below.

USD/ZAR Monthly Exchange rate – 1 January 2000 to 31 December 2021

Global foreign exchange rates – Currencies against the US dollar, YTD change