The USD-ZAR rally since mid-2014 has been driven more by USD strength than by idiosyncratic ZAR weakness. The dollar index, measured by DXY, started rising strongly since mid-2014 and was up 24% between 30 June 2014 and 12 March 2015.
The ZAR's total return against the USD is a loss of 9.03% over this period, compared to a loss of 22.3% for the euro (EUR) and a loss of 16.2% for the Japanese yen (JPY).


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