We publish this daily rand news update of the rand to dollar rates and factors which influence foreign exchange markets, to help you make better decisions whether you send money, receive money, or want the latest money transfer news.
The South African rand is trading stable in the low 14.20s. The rand reached its best of 14.1350 yesterday but had a very limited trading range. The CPI that was released yesterday did not deliver any surprises and provided some support for the local unit. The predicted trading range for the rand today is between 14.1000 and 14.5000.
Asian shares showed little movement while China is slipping slightly. Investors are trying to seek clarity after the Federal Reserve’s announcement on interest rate increases and are waiting on more U.S. economic data to determine inflationary pressures.
China is getting more stricter with cryptocurrencies, which may make it easier and more profitable to mine bitcoin. China is concerned over the environmental impact bitcoin mining has and its forcing crypto miners to leave China and go to other regions such as North America. There has been reported that more than 90% of China’s bitcoin mining capacity is predicted to be closed. Between 65% to 75% of all global bitcoin mining takes place in China.
Foreign Exchange Rates
At time of writing:
- The Rand traded at 14.2300 versus the dollar.
- GBP: 19.86
- Euro: 16.97
- Gold: 1776 USD
- Bitcoin: 32 895USD