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By 6:52 a.m. GMT, the rand was trading at 15.8150 to the dollar. This was about 0.3% stronger than Tuesday’s close and its strongest level since June 2022.
Gold, one of South Africa’s main exports, hit a record high above $5,200 an ounce.
Prices were supported by a weaker US dollar, ongoing global tensions, and expectations ahead of the U.S. Federal Reserve’s policy decision later on Wednesday.
Wichard Cilliers, head of market risk at TreasuryONE, said markets expect the Federal Reserve to keep interest rates unchanged.
The rand, like many other emerging market currencies, often reacts to global factors such as US interest rate policy.
Investors are also looking closer at South Africa’s first interest rate decision of 2026, expected on Thursday.
Most analysts surveyed by Reuters believe the central bank will leave rates unchanged, while some expect a small rate cut.
Other economic data due this week include producer inflation figures on Thursday, followed by money supply, private sector credit, trade balance, and budget balance data on Friday.
ETM Analytics said the rand could strengthen further in the near term, especially against the dollar.
“The rand is well-positioned to appreciate further for now, especially against the dollar,” ETM Analytics said in a research note.
A stronger rand, the firm said, could lower import costs, help control inflation, and support lower interest rates.
South Africa’s 2035 government bond also gained in early trade, with yields falling to 8.045%.
