South African rand hits year-high, trades at R18 to the dollar

The South African rand reached its strongest level in nearly a year, trading at R18 to the dollar on Wednesday, 19 June.

This milestone coincides with the country’s progress towards establishing an official Government of National Unity, with only a few steps remaining.

Citadel Global Director Bianca Botes noted that investors will be closely watching the cabinet’s size and the chosen ministers for each government function, indicating that the rand is currently on the ‘front foot.’ The last time the rand traded under R18/$ was in July 2023. Besides local developments in establishing the new administration, Bishop mentioned that markets are also focused on the United States and the timing of interest rate cuts, which will contribute to market volatility around upcoming US data releases.

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