The USD/ZAR pair experienced a decline of 0.0734 or 0.42% on Monday, October 7, closing at 17.4219. This downtrend followed a previous session that saw the exchange rate at 17.4953. Notably, the USD/ZAR reached a historic peak of 19.92 in June 2023, reflecting significant currency volatility.
Looking ahead, analysts and global macroeconomic models project that the South African Rand will reach approximately 17.65 by the end of this quarter. In a longer-term view, the Rand is expected to trade at around 18.72 within the next twelve months, indicating ongoing challenges in the currency market.