FX.co ★ South African Rand Holds Firm

The South African rand traded near 16.2 per USD, hovering around its strongest level since early March, supported by a weaker US dollar and higher gold prices. At the same time, the latest domestic inflation data indicated easing price pressures. South Africa’s annual inflation rate slowed to 4.3% in July from 5% in June—a two-year high—coming in below market expectations of 4.5%. However, core inflation accelerated for the fifth consecutive month to 4.2% in July, its highest level since July 2024, up slightly from 4.1% in June.