The South African rand has reached a level of 15.2000 in yesterday’s trades, edging closer to the short-term technical level of 15.0000. The USD is struggling to hold onto any gains and keeps on declining throughout the week. The predicted trading range for the rand today is between 15.0000 and 15.5000.
Local risk stuck its head out this morning as Eskom announced scheduled loadshedding which will be from Wednesday until Monday. The power cuts are adding on to the already straining economic growth of the country.
Oil prices increased on Wednesday as the geopolitical tension in Eastern Europe and the Middle East improved prices by 15% so far in this year only. Investors are still wary as Opec+ is scheduled to meet later today to discuss policies.
Foreign Exchange Rates
At time of writing:
The Rand traded at 15.2948 versus the dollar.
- GBP: 20.70
- Euro: 17.25
- Gold: 1800 USD
- Bitcoin: 38 508 USD