FX.co ★ South African Rand at Over 2-Week Low

The South African rand weakened to nearly 16.2 per USD, marking its lowest point since January 21. This decline is attributed to the strengthening of the US dollar and decreasing prices of precious metals, particularly gold and platinum, which are major exports for South Africa. Additionally, a general aversion to risk negatively impacted the currency, as persistent volatility in global markets typically leads investors to shy away from emerging markets during such times.