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 reached a level above 15.5000 as the US dollar found some support after the Federal Reserve’s announcement. The Fed said that it may increase rates more than expected this year. The predicted trading range for the rand today is between 15.3500 and 15.7500.
The rand reached its highest level of 15.5300 in the overnight session. It decreased slightly, even though the trading market was limited. Markets are waiting in anticipation for a possible rate increase by SARB next week. Two important releases for today is November retail sales and December CPI, this will provide important input into the country’s rates prediction.
Local municipalities have requested form the president to ease on restrictions and lockdown regulations. Sectors such as retail and tourism will benefit greatly form easing restrictions. It will still take some time for the consumption rates to be what it was pre-lockdown.
Foreign Exchange Rates
At time of writing:
The Rand traded at 15.4470 versus the dollar.
- GBP: 21.00
- Euro: 17.51
- Gold: 1815 USD
- Bitcoin: 41 311 USD