Rand Set for Biggest Gain in 16 Years on South Africa Stability

South Africa’s rand is poised for the biggest annual jump since 2009 as the dollar’s weakness, combined with political stability at home, bolstered the nation’s allure for investors.

The currency has strengthened 13% against the dollar this year. Overseas investors bought a net 72.4 billion rand ($4.3 billion) of local-currency bonds this year. That compares with net purchases of 15.6 billion rand in 2024. Meanwhile, the dollar is headed for its worst decline in eight years.