Rand News Update │ Rand on positive trend

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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 is on a positive trend after it reached its best rate of 14.9800 in yesterday’s session. The local unit traded in a range of 15.0350 and 15.1500 but struggled to hold onto its gains. The predicted trading range for the rand today is between 14.7500 and 15.2500.

The rand’s support is somewhat due to the Federal Reserve indicating towards a possible increase in interest rates in the near future. The local unit is also at risk as tension between Ukraine and Russia are escalating. Russia has accused Ukraine from firing on their troops, but Ukraine denied those claims while Russia deployed more soldiers on the border.

Moderna’s CEO, Stephane Bancel, announced that it is reasonable to assume that the world may be approaching the final stages of the pandemic. Health officials have also suggested that the omicron variant’s threat may be diminishing.

Foreign Exchange Rates

At time of writing:

The Rand traded at 14.9894 versus the dollar.

  • GBP: 20.39
  • Euro: 17.03
  • Gold: 1886 USD
  • Bitcoin: 43 331 USD

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