Rand News Update │ Rand decline as Fed outcome favour USD

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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 declined late yesterday afternoon after the Federal Reserve’s not so positive outcome. The local unit did show some progression in the early trading session yesterday but quickly lost gain and reached a high of 15.3625. The predicted trading range for the rand today is between 15.2500 and 15.6500.

Federal Reserve Chair Jerome Powell said that the central bank is planning on increasing the federal funds rate at the end of the March meeting. The USD is trading 0.7% higher today against multiple currencies.

The rand will encounter possible support later today after the South African Reserve Bank’s meeting. Reuters are predicting a raise it its first monetary policy meeting of 2022 of 25-basis-points increase to 4.00%.

Foreign Exchange Rates

At time of writing:

The Rand traded at 15.3019 versus the dollar.

  • GBP: 20.54
  • Euro: 17.13
  • Gold: 1813 USD
  • Bitcoin: 36 336 USD

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