South Africa’s inflation outlook, rising oil prices and the South African Reserve Bank’s push toward a 3% inflation target are placing the rand under growing pressure.

South Africa’s inflation outlook, rising oil prices and the South African Reserve Bank’s push toward a 3% inflation target are placing the rand under growing pressure.

Rising oil prices and renewed tension around the Strait of Hormuz are increasing pressure on the rand as traders watch inflation and global risk sentiment.

South African traders are closely watching USD/ZAR as inflation risks, oil prices and SARB policy expectations keep the rand under pressure.