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 at a level of 14.5000. Yesterday’s market session saw some USD buying interest early on, causing the rand to reach a high of 14.5700. There after the rand made a significant recovery and ended the session at a level of 14.4200. During last night’s session the rand extended its gains to a best level of 14.3600. The predicted trading range for the rand today is between 14.2000 and 14.7000.
The local unit’s recovery last night came close to the short-term technical objective of around 14.3000. These low levels are very appealing to USD buyers. The rand’s recovery comes after consumer price inflation was released, which showed an increase to 5.0% for last month. This confirms the outlook of traders that the central bank will raise interest rates next month.
For the past seven monetary policy meetings, the South African Reserve Bank has kept its main lending rate unchanged at 3.5%. Other emerging market central banks like Russia and Brazil have tightened policy sustainability.
Foreign Exchange Rates
At time of writing:
The Rand traded at 14.4665 versus the dollar.
- GBP: 19.97
- Euro: 16.84
- Gold: 1781 USD
- Bitcoin: 65 104 USD