Rand News Update │ Rand cautious ahead of SARB MPC

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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 will be trading cautious and volatile ahead of the SARB MPC taking place today. The local unit reached a high of 15.57 during yesterday’s session but recovered later in the day to trade below 15.5000. The predicted trading range for the rand today is between 15.3500 and 15.8500.

The central bank decreased rates by 300 basis points last year, which was a record low for an economy that was already struggling with the coronavirus crisis. The South African Reserve Bank’s inflation target band is 3%-6%. There are two scenarios that can take place today. First scenario is that the repo rate will stay unchanged. The second scenario is that the rate will increase with 25 basis points.

South Africa are once again facing loadshedding. Eskom, which supplies 90% of South Africa’s electricity, announced on Thursday that a number of generating units have broken down have been returned to service. The power utility is working on fixing more.

Foreign Exchange Rates

At time of writing:

The Rand traded at 15.5346 versus the dollar.

  • GBP: 20.96
  • Euro: 17.60
  • Gold: 1866 USD
  • Bitcoin: 59 578 USD

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