USD/ZAR: Here’s why the South African rand just reversed

The USD/ZAR is up by more than 1.28% as forex investors react to the rising number of coronavirus cases in South Africa. It is trading at 14.90, which is substantially higher than last year’s low of 14.51. South Africa coronavirus crisis The South African rand had a relatively strong 2020 due to the overall risk-on sentiment in the market. It rose by more than 25% from its lowest level in March. This made it one of the best-performing currencies in the world. Today, the USD/ZAR has erased some of these gains as the country continues to deal with the rising