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 lost a lot of ground in yesterday’s session to reach a high of 15.4000. International and local demand for the USD is huge and it’s limiting any gains for the rand. The predicted trading range for the rand today is between 15.2500 and 15.7500.
The U.S. dollar’s increase came after data showing U.S. consumer prices rose more than what was predicted in October. This sparked concerns that inflation could be more difficult to set than predicted by the Federal Reserve.
Focus today will be on the Medium-Term Budget Policy Statement, but with U.S. markets being closed today because of a holiday, price action will be very vigilant and unpredictable. Economists are predicting that the National Treasury will announce that this year’s consolidated budget shortfall will almost be halve after corporate tax collections.
Foreign Exchange Rates
At time of writing:
The Rand traded at 15.4076 versus the dollar.
- GBP: 20.68
- Euro: 17.68
- Gold: 1851 USD
- Bitcoin: 64 871 USD