The Dynamics of USD/ZAR in Early 2024

Nick Ranga
The Dynamics of USD/ZAR in Early 2024

The USD/ZAR forex pair has experienced notable fluctuations in early 2024. It was influenced by various economic and geopolitical factors. As of January 2024, the USD/ZAR price has demonstrated some stability, yet with significant movements.

Key Price Levels

  • USD/ZAR reached a high of 19.2069 on 22 January
  • It reached a low of 18.2934 on 12 January 2024​​.
  • The average price in this period was 18.7386​​.

Influencing Factors

  • USD’s Anticipated Weakening: Analysts expect the USD to weaken due to the Federal Reserve’s potential interest rate cuts after managing inflationary pressures successfully​​.
  • Challenges Facing USD/ZAR: The South African Rand has been influenced by internal and global events. These include political unrest and economic challenges within South Africa. Additionally, global investor sentiment has been affected by the US ambassador’s accusations of South Africa providing Russia with weapons and ammunition​​.
  • Oil Prices: The volatility in oil prices, with recent trading at 7.4% below its three-month average, is another factor that could impact the ZAR value​​.

USD/ZAR Forecast

Despite the Rand’s internal struggles and global perceptions, the USD/ZAR exchange rate shows a slight decline, currently trading at 18.30, which is 2.2% below its three-month average of 18.72. The rate has been relatively stable, ranging from 18.21 to 19.50 over the past three months​​.

January 2024 – In Short

The USD faces potential weakening due to the anticipated Federal Reserve’s policy shifts. At the same time ZAR confronts its own set of challenges. The fluctuations in the USD/ZAR exchange rate in early 2024 reflect these complex interplays of economic and geopolitical factors. As always in currency markets, inherent volatility and unpredictable global events continue to play a significant role in shaping exchange rate dynamics.

Don’t Trade Before you see this!

We consulted our team of experts and put together 10 tips to help improve your trading.

These tips could help make you a better trader – and we’re giving them away for free!

Click here to get your copy

Related Articles


Risk Statement: Trading Foreign Exchange on margin carries a high level of risk and may not be suitable for all investors. The possibility exists that you could lose more than your initial deposit. The high degree of leverage can work against you as well as for you.

Nick Ranga logo74% of clients lose money. Capital at risk.

- Trusted Global Market Leader
- Online FX & CFD Trading
- 180+  Global Markets, 84 FX pairs, 65 shares, 17 popular indices and more
- Forex, Indices, Commodities, Equities & Bitcoin
- Available to US traders

Oanda Logo77% of retail CFD accounts lose money Your capital is...
  • Choose from four high-quality platforms.
  • Good trading conditions with fast execution speeds
  • Excellent research and analysis
  • Strong client protection
  • Winner of Most Popular Broker award for three consecutive years.
  • Fees and commissions are inline rather than market-leading.
  • Satisfactory rather than impressive range of instruments.
eToro LogoYour capital is at risk

- Trade 15 cryptocurrencies
- Beginner friendly