The rand gained almost 14% between January and June as the EUR/ZAR rate fell to a 52-week low of 16.31 in early June. It’s one of the best performing emerging-market currencies.įrom the beginning of this year to 26 October, the South African rand has strengthened by nearly 10% as the EUR/ZAR exchange rate fell from about 19.01 to 17.34.Īccording to Silicon Valley Bank’s chief currency strategist Steve Petruska, the rand benefitted from the reflation trade narrative, higher local interest rates and rising commodity prices in the early part of the year. The South African rand is not a heavily traded currency, yet the euro to rand news has risen in prominence over the past year.
What has been driving the EUR/ZAR pair’s rate in 2021 and what’s the euro to rand prediction as we head into 2022? In this article we look at the latest analysts’ EUR/ZAR forecasts and what to consider when trading the EUR against the South African rand.