Rand News Update │ Rand made good recovery

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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 made a good recovery and is currently trading at a level of 15.1500. yesterday it reached a high of 15.37 but didn’t manage to break any higher. Trading for today is expected to be muted as markets await the FOMC outcome tonight. The predicted trading range for the rand today is between 15.0500 and 15.4000.

The U.S. Federal Reserve is meeting later today to update its policy plan. Predictions are that they will indicate when rate increases come into effect. The South African Reserve Bank is scheduled to meet tomorrow. There is mention that they will increase the repo rate with 25 basis points, which will lend support to the rand.

The International Monetary Fund (IMF) has advised El Salvador to remove bitcoin as legal money after its President Nayib Bukele has bought an additional $15million bitcoin last week. Bitcoin has decreased about 50% from its record high in November 2021. IMF is concerned that there are various risks linked to the use of bitcoin. Such as financial stability, financial integrity and consumer protection.

Foreign Exchange Rates

At time of writing:

The Rand traded at 15.1685 versus the dollar.

  • GBP: 20.47
  • Euro: 17.13
  • Gold: 1845 USD
  • Bitcoin: 37 664 USD

To start sending and receiving money today, download the SFX app now on Android or iOS

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