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South Africa rand buoyed by stronger gold prices as U.S. tariffs kick in | SA News

“Notwithstanding the tariff uncertainty, the ZAR has clawed back more lost ground. Some of that is due to the USD retreating as traders focus on the rising probability of more rate cuts in the U.S., which will erode any remaining carry trade advantage the USD might enjoy,” said ETM Analytics in a note.

U.S. imports from South Africa face a 30% duty, the highest rate among Sub-Saharan African countries. Despite the government’s failure to negotiate a better deal, the rand continues to recover, helped partly by South Africa’s status as a major producer of precious metals.

Droughts: South Africa is prone to droughts, which can severely impact agriculture
and water supply.

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