During August 2022, the rand strengthened to approximately R16,20 to the US dollar. Since then, it has been on a weakening trajectory due to global factors such as tighter monetary policy in the US and local factors that include increased load-shedding by Eskom and the Lady R diplomatic debacle.
(The US ambassador to South Africa, Reuben Brigety, had voiced strong suspicion that the Russian ship, which docked at the Simon's Town
