For the first time since 2016, South Africa's rand finds itself among the five best-performing emerging-market currencies of the year, and there may be more to come, according to analysts at Credit Agricole SA and Ashmore Group Plc.
A steep retreat in December saw the rand surrendering its year-to-date gain for a decline of about 2% in 2024—a year in which just three emerging-market currencies advanced.
That places it fifth after the Malaysian ringgit, Hong Kong dollar, Thai baht, and Peruvian sol among 24 major developing-nation currencies tracked by Bloomberg.
Developing-nation currencies have struggled in 2024 as robust US economic growth bolstered the dollar.
But the rand's relative resilience has been aided by rising investment levels, lower inflation, and structural reforms, with a cautious central bank maintaining its favorable interest-rate premium over the greenback.
Diese Geschichte stammt aus der January 02, 2025-Ausgabe von The Citizen.
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