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 has made a recovery to trade at a level of 15.3000. The local unit will continue to be exposed as the USD is posing general recovery. Yesterday the rand reached its best level of 15.19 after moving to a level of 15.2000. Price action today will be again very vigilant and unpredictable going into the weekend. The predicted trading range for the rand today is between 15.1500 and 15.6500.
Yesterday’s budget speech left a positive feeling on the nation. The government has made a promise to cut the budget deficit and limit debt for the mid-term budget. The National Treasury announced that it will not take part in new long-term spending even though dividends could be high. New Finance Minister Enoch Godongwana’s maiden medium-term budget policy statement was widely seen as being positive.
The U.S. dollar is on course to reach its best week in almost five months. Focus is still on the Federal Reserve possibly aiming to increase interest hikes earlier than expected. Data released this week showed that the U.S. inflation has been the fastest in three decades.
Foreign Exchange Rates
At time of writing:
The Rand traded at 15.3345 versus the dollar.
- GBP: 28.53
- Euro: 17.54
- Gold: 1852 USD
- Bitcoin: 64 098 USD