$ZARUSD -1.6% today — what's driving it?

The ZAR has been weakening for a while now. This drop just seems like a continuation of that trend, not necessarily a new development. Wonder if the SARB will step in.

It looks like the CPI numbers for South Africa came in hotter than expected. That could be a significant factor in the rand's recent movement, potentially indicating sustained inflationary pressure.

This move on ZARUSD is significant. I'm wondering if it's primarily a reaction to broader USD strength or if there are specific local factors in South Africa weighing it down today. Anyone have a read on the SA economic calendar?

It's the typical EM currency reaction to a stronger dollar and rising global bond yields. Not surprised by the move, just whether it holds.