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 on a weaker trend as it’s reached its highest level on 16.1600 during the over night session. Foreign exchange markets will trade with caution ahead of the U.S Federal Reserve policy meeting this evening. The predicted trading range for the rand today is between 15.9000 and 16.4500.
The initial technical objective on the top side is around the 16.3500 level. This level could be reached since local markets are closed tomorrow and price action is likely to be volatile. All eyes will be on the Fed to see if they will fast track tapering of its bond buying programme and start early on they plans for interest rate increases.
When U.S. interest rates increase, it usually consumes capital away from higher yielding but riskier emerging markets. The South African rand being one of them.
Foreign Exchange Rates
At time of writing:
The Rand traded at 16.1706 versus the dollar.
- GBP: 21.46
- Euro: 18.23
- Gold: 1769 USD
- Bitcoin: 48 545 USD