Rand News Update │ Rand volatile ahead of FOMC

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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 is trading in a volatile environment ahead of the Federal Open Market Committee (FOMC) meeting on Wednesday. The local unit reached a high of 16.0850 on Friday, even though it was briefly and recovered back to 15.9000. The predicted trading range for the rand today is between 15.7500 and 16.2500.

Foreign exchange markets are still struggling to find liquidity as market participants choose not to take part as the new Covid-19 variant wreaks destruction for economic recovery. The Federal Reserve’s two-day meeting finishes on Wednesday. Investors are predicting that the Fed will start earlier with its rate hikes.

Local focus will be on last month’s November consumer price inflation and production price inflations data due on Wednesday.

Foreign Exchange Rates

At time of writing:

The Rand traded at 15.9116 versus the dollar.

  • GBP: 21.08
  • Euro: 17.92
  • Gold: 1787 USD
  • Bitcoin: 48 716 USD

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