The South African rand traded slightly lower at 15.2 against the greenback on Friday, as the dollar firmed and as investors continue to monitor surging coronavirus cases. On the domestic front, investors' focus now turns to the South African Reserve's Bank policy meeting next week, at which policymakers are seen keeping interest rates at record-low levels until the end of the year, in order to support the economic recovery. Elsewhere, investors digested US president-elect Joe Biden's $1.9 trillion stimulus package.
Historically, the South African Rand reached an all time high of 19.35 in April of 2020. South African Rand - data, forecasts, historical chart - was last updated on January of 2021.
The South African Rand is expected to trade at 15.32 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 15.81 in 12 months time.