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 weakened drastically after the SARB MPC announcement yesterday afternoon. If the local unit show any gains today it will be quickly stopped by USD buying interest. The predicted trading range for the rand today is between 15.4000 and 15.9000.
The rand’s spike can also be linked to yesterday’s emerging markets being inlfuenced by massive Turkish rate cut. The rand lost at least 1% on Thursday as investors panicked and abandoned emerging market assets after Turkey’s central bank decreased their rates by another 100 basis points.
The South African Reserve Bank’s decision to increase the repo rate by 25 basis points is to allow the central bank some alleviation. The country’s sovereign credit rating are scheduled to be reviewed by rating agencies S&P Global and Moody’s later today.
Foreign Exchange Rates
At time of writing:
The Rand traded at 15.6485 versus the dollar.
- GBP: 21.02
- Euro: 17.71
- Gold: 1852 USD
- Bitcoin: 57 127 USD