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 still in a weak state as its trading at a level close to 15.5000. Yesterday we saw a lot of USD sellers early in the day, after which the rand traded to its best level of 15.3500. The retreat didn’t last long as the local unit traded back up to 15.4500. The predicted trading range for the rand today is between 15.25000 and 15.7500.
Today’s main market focus will be on the outcome of the Federal Open Market Committee’s meeting taking place later today. Expectations are that the Federal Reserve will make an official announcement of when tapering will start. Investors will also see what feedback is given on interest rates and how the recent spike in inflation will be maintained.
Locally, vote counting is still taking place after Monday’s municipal Elections. The Electoral Commission of South Africa announced on Wednesday morning that the finalisation of results is 69%. The IEC are hoping to deliver on their promise to announce the official results on Thursday.
Foreign Exchange Rates
At time of writing:
The Rand traded at 15.3626 versus the dollar.
- GBP: 20.91
- Euro: 17.79
- Gold: 1782 USD
- Bitcoin: 62 956 USD