The strengthening of the US dollar drags the South African rand down by 1.7%

LootboxPhobia · 2026-03-24T22:27:01+00:00

The South African rand weakened under pressure from a strong U.S. dollar, despite central bank data showing economic activity expansion. The rand fell approximately 1.7% against the dollar, as market sentiment turned cautious due to the escalating Iran situation, reducing appetite for risk currencies.

LootboxPhobia

2026-03-24 22:27:01

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Investing.com – On Tuesday, the South African rand weakened despite leading economic activity indicators from the central bank showing expansion, as a strong US dollar pressured the currency.

As of 14:34 GMT, the rand was at 17.0580 against the US dollar, down about 1.7%.

On Monday, after U.S. President Donald Trump abandoned plans targeting Iran’s energy infrastructure, the rand recovered some recent losses, boosting market preference for risk-sensitive currencies like the rand.

However, after Iran denied negotiations with Washington, market sentiment turned cautious again, reigniting concerns over energy-driven economic shocks.

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