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 susceptible to more weakness as we saw it closing on a level of 14.7500 on Friday. The local unit traded at its best level 14.5675 on Friday, after which it retreated to trade at its worst level of 14.8000 in the overnight session. If the rand trades stable above this level, it could provide the support for a move beyond 15.0000. The predicted trading range for the rand today is between 14.6000 and 15.1000.
The weaker dollar in the previous weeks has helped with increasing South Africa’s major exports, gold, and platinum by 0.3%. Investors are keeping a close eye on how the U.S. Federal Reserve will respond to inflationary pressure.
Next week’s attention will be on the municipal election taking place on Monday, 1 November. This will give some indication as to what to expect from the governing African National Congress and the National Treasury’s medium term budget policy statement expected on Thursday.
Foreign Exchange Rates
At time of writing:
The Rand traded at 14.7607 versus the dollar.
- GBP: 20.32
- Euro: 17.18
- Gold: 1803 USD
- Bitcoin: 62 782 USD