Rand weakens further amid ongoing financial market selloff

The rand has continued to weaken further against major currencies amid an ongoing selloff in the financial markets triggered by the US tariffs.

The currency fell sharply against the US dollar to R19.41.

The local unit briefly plummeted to a record low of R25 against the British Pound earlier in the day.

Analysts say the rand is also pressured by the tensions within the Government of National Unity (GNU) over the budget.

Aluwani Capital Partners’ Patrick Mathidi, says, “The rand is weak as compared to its emerging currencies peers when compared to the dollar. So, the rand has weakened the most against compared to other emerging currencies. And we believe that there are three things that are playing against the rand. Obviously with other currencies, the US tariff is one factor, but secondly, internally the GNU instability is another factor that is weighing against the rand.”

Markets Update | 07 April 2025



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