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 recovered to trade at a level of 15.3000. The local unit found support from the Federal Reserve announcing it will gradually approach policy movement. The rand reached a level of 15.45000 at the end of close yesterday but reached its best level of 15.3250 in the overnight session. The predicted trading range for the rand today is between 15.2000 and 15.6000.
The USD retreated as global tension in Ukraine subsided slightly. Markets are still focusing on various central bank events the rest of the week. This was recorded as the biggest drop in nearly three weeks for the dollar compared to ither major currencies.
World stocks have increased on Monday after economist suggest that inflationary pressure should improve in 2022. This is because demand for goods have gone down as the bottlenecks created by the global pandemic is diminishing.
Foreign Exchange Rates
At time of writing:
The Rand traded at 15.2442 versus the dollar.
- GBP: 20.56
- Euro: 17.17
- Gold: 1806 USD
- Bitcoin: 38 474 USD