Rand News Update │ Rand has possibility for further gains

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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 has possibility for further gains this week while holding strong below the 16.0000 level. As the local unit is showing strength the market will meet USD buying interest. The predicted trading range for the rand today is between 15.6000 and 16.1000.

Financial markets have been very sensitive to global news of the impact the Omicron variant had on the world and the travel restrictions that followed. South African health experts said that this news variant is mainly causing mild infections. Although more research needs to be done to know exactly what the variant is causing.

In local news, the proposal to change the constitution to allow expropriation of land with no compensation was unsuccessful to win enough votes in parliament. Opposition parties and investors believe the proposal is impending on property rights.

Foreign Exchange Rates

At time of writing:

The Rand traded at 15.7709 versus the dollar.

  • GBP: 20.8791
  • Euro: 17.79
  • Gold: 1787 USD
  • Bitcoin: 50 403 USD

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