Moving away from the Pound in the late 50's to early 60's, the Rand was established and is the current legal tender for South Africa, Swaziland, Lesotho and Namibia. The Rand has had its fair share of volatility with the currency depreciating massively following the apartheid era sanctions. The currency looks to benefit when investors are willing to take on more risk in developing countries. Any pullback in risk from global markets pushes the Rand significantly lower as seen during the financial crisis of 2008.
The South African Rand under significant pressure this morning after Q1 GDP showed the largest contraction since 2009.