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The exchange rate between the Indian Rupee (INR) and the South African Rand (ZAR) has exhibited notable fluctuations over the past several months. This report provides an analysis of the INR/ZAR exchange rate trends, highlighting key movements and potential influencing factors.

Recent Exchange Rate Trends

Between September 2024 and March 2025, the INR/ZAR exchange rate experienced both peaks and troughs. The highest recorded rate during this period was on January 10, 2025, when 1 INR equaled 0.2217 ZAR. Conversely, the lowest rate was observed on September 27, 2024, with 1 INR equal to 0.2045 ZAR. The average exchange rate over these six months was approximately 0.2125 ZAR per INR. (exchange-rates.org)

Monthly Breakdown

• September 2024: The exchange rate began at 0.2094 ZAR per INR on September 19 and declined to 0.2045 ZAR by September 27. (exchange-rates.org)

• October 2024: The rate fluctuated between 0.2070 ZAR and 0.2108 ZAR, indicating relative stability with minor variations. (exchange-rates.org)

• November 2024: The exchange rate remained within a narrow range, with 1 INR equating to approximately 0.2099 ZAR on November 1 and 0.2145 ZAR on November 27. (exchange-rates.org)

• December 2024: The rate showed an upward trend, reaching 0.2209 ZAR per INR on December 31. (exchange-rates.org)

• January 2025: The exchange rate peaked at 0.2217 ZAR per INR on January 10, then gradually declined to 0.2154 ZAR by January 31. (exchange-rates.org)

• February 2025: The rate fluctuated between 0.2110 ZAR and 0.2156 ZAR, reflecting moderate volatility. (exchange-rates.org)

• March 2025: The exchange rate experienced slight fluctuations, with 1 INR equal to 0.2131 ZAR on March 3 and 0.2094 ZAR on March 18. (exchange-rates.org)

Influencing Factors

Several factors may have contributed to the observed fluctuations in the INR/ZAR exchange rate:

1. Economic Indicators: Differences in economic growth rates, inflation, and interest rates between India and South Africa can influence currency values.

2. Trade Balances: The trade dynamics between the two countries, including export and import volumes, affect demand and supply for respective currencies.

3. Global Market Sentiment: Investor sentiment towards emerging markets can lead to capital flows that impact exchange rates.

4. Political Events: Political stability and policy decisions in either country can affect investor confidence and currency strength.

Conclusion

The INR/ZAR exchange rate has demonstrated variability over the past several months, influenced by a combination of economic indicators, trade balances, global market sentiment, and political events. Monitoring these factors is essential for understanding future exchange rate movements between the Indian Rupee and the South African Rand.