Rand News Update │ Rand recovers to trade below 15.30


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 made an overnight recovery to trade at a current level below 15.3000. After the FOMC announcement last night, indicating that the U.S. Federal Reserve would not rush to increase interest rates, the rand posted gains to reach its best level of 15.2400. The local unit’s improved level will attract USD buyers. There is still the topside technical level of 15.5000 which we are keeping in our sights. The predicted trading range for the rand today is between 15.15000 and 15.6500.

The rand’s retreat is also influenced by the announcement of municipal elections results due later today. Predictions are indicating that South Africa’s ruling party has recorded its weakest ever electoral showing.

Oil prices are still on the decline, as Iran agreed to continue with nuclear talks in November. This could result in the removal of U.S. sanctions on Iranian oil which in turn will increase global supplies. The overnight fall of oil prices is also partly because of the rise of U.S. oil stockpiles.

Foreign Exchange Rates

At time of writing:

The Rand traded at 15.2612 versus the dollar.

  • GBP: 20.81
  • Euro: 17.63
  • Gold: 1774 USD
  • Bitcoin: 61 894 USD

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