Rand News Update │ Rand made a break below 14.70

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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 made a break below 14.7000 level and is currently trading at a level of 14.66. Yesterday the rand traded between a range of 14.7500 and 14.8550 and ended the session in the higher end of the range. Even as we see a recovery from the rand after yesterday’s high session, it has failed to hold onto its gains during the week. The predicted trading range for the rand today is between 14.6000 and 15.0000.

The rand’s recovery is because of the U.S. Federal Reserve assuring that the U.S. interest rate hikes are not happening any time soon. Chairman Jerome Powell said that the U.S. job market still has some room for improvement before it will be time to stop the emergency economic support measures.

Asian shares are steady after the U.S. Federal Reserve’s announcement while gold prices increased slightly. The dollar retreating is giving some support to the metal.

Foreign Exchange Rates

At time of writing:

  • The Rand traded at 14.6465 versus the dollar.
  • GBP: 20.44
  • Euro: 17.39
  • Gold: 1817 USD
  • Bitcoin: 39 821 USD

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