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 above the 15.0000 level as concerns are increasing over another round of load-shedding. The rand opened its session yesterday at a level of 14.8500 but it quickly came under a lot of pressure. The USD experienced some good selling at the 15.0000 after which the rand traded at a level of 15.0300 towards closing. The predicted trading range for the rand today is between 14.8500 and 15.3500.
The local unit crumbled under the continued pressure from emerging markets as well as local influences such as electricity supplies. This quickly made the rand move to a level above 15.0000 with the next objective now at 15.3000. Producer inflation numbers is expected today which will give clarity on which price pressures are increasing.
The South African Reserve Bank has fallen behind other merging markets central bank in sharpening its policy. They have also announced that they are ready to make a move if there is any indication of risk that the increasing inflation turns persistent instead of transitory.
Foreign Exchange Rates
At time of writing:
The Rand traded at 15.1453 versus the dollar.
- GBP: 20.81
- Euro: 17.54
- Gold: 1799 USD
- Bitcoin: 60 503 USD