Rand News Update │ Rand experience massive loss

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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 experienced massive losses over the course of the overnight session, reaching its highest level of 15.5700. The U.S. released retail sales data which provided a catalyst for broad-based USD buying. The predicted trading range for the rand today is between 15.3000 and 15.8000.

The local unit lost all its gains it made over the previous sessions. The market is still volatile and trading with caution as it waits for the outcome of the South African reserve Bank monetary policy committee meeting tomorrow. The ZAR recover slightly as trades expect consumer price inflation and retail sales data due later today. This data will be important indicators to see if SARB will increase interest rates.

Gold prices increased slightly but still close to its recent low levels. The strong U.S. dollar is taking some attention away from the precious metal.

Foreign Exchange Rates

At time of writing:

The Rand traded at 15.4931 versus the dollar.

  • GBP: 20.82
  • Euro: 17.51
  • Gold: 1856 USD
  • Bitcoin: 59 878 USD

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