The South African rand weakened beyond 17 per USD, the weakest level since September 2020, as the rand’s resilience is tested by fears of a US recession even as local fundamentals remain supportive. In the first half of this year, the rand benefited from high commodity prices that lifted the current account into surplus. According to US CFTC data, the market remains heavily long-rand, leaving the currency at high risk of a selloff as conditions change.