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 finally broke below the 15.0000 level yesterday. The local unit reached its best level of 14.9950 in yesterday’s session but that move didn’t last long as the rand retreated to trade back to the 15.2000 level. The predicted trading range for the rand today is between 14.8500 and 15.3500.
January inflation is due today, which are expected to show a decline of 5.7% compared to December’s 5.9%. This will influence the central bank’s movement on interest rates. The South African Reserve Bank is scheduled to meet next month, where economist is predicting another rate increase. Economists are also anticipating the U.S. Federal Reserve to increase their rates.
Russia announced on Tuesday that some of it troops from their southern and western districts, which share a border with Ukraine, will be returning to their bases. Foreign exchange markets are also finding some relief after the announcement.
Foreign Exchange Rates
At time of writing:
The Rand traded at 15.0248 versus the dollar.
- GBP: 20.37
- Euro: 17.04
- Gold: 1872 USD
- Bitcoin: 43 863 USD