Rand reverses 2001 downtrend

The rand has now recovered the value it lost last year and was trading at around ZAR8 per dollar last week. It hit an all-time low of ZAR13.8 in December 2001. In that year, the currency fell by around 40% against the dollar and became the subject of an official inquiry concluded last year.

The South African FX market has been dragged from its former one-way decline by a variety of factors, analysts said. Increasing geopolitical tensions over the past year have led to sharp spikes in gold pri