The rand has swung back and forth between significant highs and lows against the US dollar over the past 12 months, fluctuating from just over R15/US$ at end-February 2022 to over R18 at end-January 2023 (see graph).
This volatility was the result of a variety of local and global factors that caused extreme volatility.
In this article, Absa AgriBusiness discusses the main factors that gave the rand its direction over