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 has reached a level above 15.0000. We saw the foreign exchange market trade very cautiously on Friday ahead of the South African Reserve Bank monetary policy committee meeting. The outcome of the meeting was that the repo rate will be kept unchanged at a record low of 3.5%. The local unit traded continuously weaker through out the month, reaching the short-term technical indicator of 15.1000. The next target level to reach is 15.2500.
Focus will be on the following economic data which is due Thursday, August credit number, produces price inflation and trade figures. Investors will also keep an eye on the U.S. Federal Reserve this week, which has speeches scheduled. They will be looking for indications on the U.S. central bank’s rate increase direction.
The rand, and other riskier currencies, is in favour of the U.S. interest rates being low. This is because they benefit from the interest rate differential that increases their appeal.
Foreign Exchange Rates
At time of writing:
The Rand traded at 15.0463 versus the dollar.
- GBP: 20.60
- Euro: 17.57
- Gold: 1747 USD
- Bitcoin: 43 538 USD