# South African Rand’s Rally Raises the MTBPS Stakes as USD/ZAR Finds Support on Charts

> The rand rallied against most major currencies on Tuesday and gained more than 5% against the dollar over the month, reaching its strongest level since mid-September and mid-March. USD/ZAR was seen finding support near 16.08 on charts, and the currency faced risk ahead of Wednesday's budget. The rally followed a week-long run against the greenback.

- Date: 2020-10-27 · published 2020-10-27T12:00:00.000Z
- Category: macro · region South Africa · magnitude low
- Page: https://feedsoft.ai/events/50928-south-african-rand-s-rally-raises-the-mtbps-stakes-as-usd-zar-finds-support-on
- Commodities: [South African Rand (ZAR per USD)](https://feedsoft.ai/c/USDZAR.md)

## Why it matters

A stronger rand lowers the local cost of imported feed ingredients for South African buyers. The budget event creates downside risk for the currency, which could reverse this effect.

## Read by commodity

- USDZAR: bearish ▼

## Sources

- poundsterlinglive.com: https://www.poundsterlinglive.com/zar/14445-south-african-rand-s-rally-raises-the-mtbps-stakes-as-resistance-looms-on-charts

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