# Rand pressured by a stronger US dollar - Moneyweb

> The South African rand traded near R18.46 to the US dollar in early trade on 28 February 2023, pressured by a firmer dollar that was up about 0.2% against a basket of currencies. The central bank had cut its 2023 growth forecast to 0.3% from 1.1% at its first rate meeting of the year.

- Date: 2023-02-28 · published 2023-02-28T12:00:00.000Z
- Category: macro · region South Africa · magnitude low
- Page: https://feedsoft.ai/events/37617-rand-pressured-by-a-stronger-us-dollar-moneyweb
- Commodities: [South African Rand (ZAR per USD)](https://feedsoft.ai/c/USDZAR.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A stronger dollar and weaker rand raise the local-currency cost of imported feed ingredients for South African buyers. The move is mainly a currency story with little direct effect on global grain or meal prices.

## Read by commodity

- DXY: bullish ▲
- USDZAR: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2022-04-28 | [Rand pressured by strong dollar - Moneyweb](https://feedsoft.ai/events/42125-rand-pressured-by-strong-dollar-moneyweb.md) | +0.1% | -0.4% |
| DXY | 2023-10-31 | [Rand weakens against stronger dollar; focus on mid-term budget - Moneyweb](https://feedsoft.ai/events/33915-rand-weakens-against-stronger-dollar-focus-on-mid-term-budget-moneyweb.md) | -1.4% | -2.9% |
| DXY | 2024-11-22 | [International corn market pressured by strong dollar](https://feedsoft.ai/events/6063-international-corn-market-pressured-by-strong-dollar.md) | -0.4% | +0.6% |
| DXY | 2026-08-28 | [Pound Slips on Stronger US Dollar](https://feedsoft.ai/events/18141-pound-slips-on-stronger-us-dollar.md) | -0.2% | +1.7% |
| DXY | 2017-07-11 | [Surging dollar pushes rand to R13.60/$ - Moneyweb](https://feedsoft.ai/events/70264-surging-dollar-pushes-rand-to-r13-60-moneyweb.md) | -1.1% | -1.6% |

## Sources

- moneyweb.co.za: https://www.moneyweb.co.za/news/markets/rand-pressured-by-a-stronger-us-dollar/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.