The rand has been performing well and appears poised to remain strong in 2025. Easing US-China tensions, improved local politics, and lower-than-expected inflation in South Africa are all contributing to the currency's strength. 

The rand is now trading at a fair value, and with the US dollar likely to weaken, the rand could move closer to R17 per dollar.  More money flowing into South African bonds should also support the rand, as investors are drawn to higher returns in this market.  Overall, the trading range for 2025 is likely to remain between R17.50 and R18.50 per dollar, depending on global and local developments.