Rand Strengthens Past 16 Per Dollar for First Time Since 2022

South Africa’s rand strengthened past 16 per dollar for the first time in almost four years as the “dollar debasement trade” pushed emerging-market currencies and stocks as well as gold to record highs.

The rand, often seen as a proxy for developing-nation assets, jumped as much as 0.8% to 15.9982 per dollar on Monday, its strongest level since June 2022. The currency is up more than 3% this year after rallying 14% in 2025.