Analysts expect recovery within weeks

South Africa: Rand plummets

The South African rand has taken a severe tumble, reaching an all-time low at one stage of R19,51/US$1. The currency’s drop, which has accelerated the downward trend of South Africa’s exchange rate, comes as public speculation mounts over the country’s alleged supplying of weapons to Russia for its war against Ukraine.

Dawie Roodt, chief economist of the Efficient Group, told Farmer’s Weekly that load-shedding and internationally perceived political instability driven by next year’s elections had placed South Africa on a negative trend in the markets.

Kulani Siweya, chief economist at Agri SA, acknowledged the severity of the situation but urged calm until it was clearer how the exchange rate would react in the coming days and weeks.


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