The South African rand appreciated to around 17.1 per USD, reaching the highest level since January 2023, mainly supported by rising prices of key precious metals, particularly gold, platinum and palladium. Meanwhile, the country’s removal from a watchdog’s dirty-money list provided a boost to institutional credibility, enhancing global confidence and potentially attracting vital foreign investment. The risk-sensitive currency was further buoyed by expectations of a 25 bps US rate cut, which could widen yield differentials and attract investors to higher-yielding South African assets. Optimism over Thursday’s meeting between President Trump and Chinese President Xi Jinping also lent support.