Banking heavy weights weigh in on what is in store for South Africa’s currency these final weeks of the year and the coming months of 2023.
The rand has strengthened significantly in recent sessions, regaining lost ground after five months in the wilderness, say economists at Nedbank.
From the US expectations, global risk appetite recovered, the dollar weakened, and the rand – among other currencies in emerging market economies – strengthened, the bank said. Economists at the Bureau for Economic Research also pointed to US indicators being the main driver behind the rand’s movement – as has been the case for much of the year.
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