Rand Rally Looks Sustainable as Volatility Nears 25-Year Low

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By Robert Brand and Mpho Hlakudi

January 6, 2026 at 11:06 AM UTC

Traders are just fine with the rand at its strongest level against the dollar in more than three years, volatility measures show.

The South African currency strengthened 14% against the greenback in 2025 and extended gains this year, buoyed by record-high precious-metal prices and improving investor sentiment as economic reforms were rewarded by a credit-rating upgrade from S&P Global Ratings in November.