The South African rand depreciated to a one-month low of R18.80 per dollar due to a stronger US dollar and ongoing political uncertainty.
The South African rand depreciated to around R18.70 to the USD, reaching a recent one-month low of R18.80 per dollar. This decline was driven by a stronger US dollar and ongoingStarting at an exchange rate of approximately R18.26 on 29 May, the rand faced a significant drop, reaching around R18.70 by 31 May. On Monday, the rate was highly volatile, peaking at R18.87 before ending the day at R18.50 to the dollar. This represents a decrease of roughly 2.1% over the seven-day period.
This data has little immediate impact on the monetary policy of the South African Reserve Bank, which indicated last week that it would hold the repo rate at 8.25% until inflation stabilises at the 4.5% midpoint of the 3%-6% target band. For the rest of June, much will depend on the composition of the South African government and whether political compromises between coalition partners affect the economic outlook.
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