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 back at a level of 15.0000 after a limited trading range in yesterday’s session. The local unit did manage to reach its best level of 14.8675. Its highest level was at 15.1075 during close of yesterday’s session. The predicted trading range for the rand today is between 14.8000 and 15.3000.
The rand has had small spikes of improvement thus far throughout the week but struggled to maintain its winnings below sub-15.0000. The current levels have proved to be in favour if USD buyers. This week’s local focus will be on the MTBPS scheduled for Thursday.
The country’s currency is starting to take strain which is caused by Eskom not being able to resolve the continuing power cuts. South Africa is as Africa’s most industrialised nation, but we have experienced frequent power cuts for more than 10 years now and its starting to show its negative effect on economic growth.
Foreign Exchange Rates
At time of writing:
The Rand traded at 15.1016 versus the dollar.
- GBP: 20.46
- Euro: 17.46
- Gold: 1824 USD
- Bitcoin: 66 362 USD