Kganyago Links ‘Surprisingly Resilient’ Rand to Dollar Mistrust

South African Reserve Bank Governor Lesetja Kganyago heralded the fortitude of the rand and other emerging-market currencies amid the Iran war, and said this could reflect a wider souring on US assets.

“The broad resilience of emerging market currencies may well be due to weakening global trust in the US dollar and the need of investors to diversify portfolios,” he told an audience in the Eastern Cape on Monday evening. “It is not that they are abandoning the dollar but nowadays no one wants to be all-in on the dollar either.”