Rand News Update │ Rand posted steady gains

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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 posted steady gains to reach a level of 15.0125 this morning. Yesterday the local unit traded with caution as headlines are steering the course of the market. The predicted trading range for the rand today is between 14.8500 and 15.3500.

Local focus will be on new Finance Minister’s Enoch Godongwana budget speech this afternoon. Analysts are predicting a positive address which will see the rand break below the 15.00 level again. Investors are anticipating the way in which the budget will be allocated to huge tax receipts resulting from high commodity prices.

As the situation between Ukraine and Russia are still very volatile tension in Europe are increasing as they are anxious about possible disruption of supplies of raw materials and the spike in prices of products such as energy, wheat, and nickel. Several countries have imposed sanctions on Russia, which could delay a full-scale war.

Foreign Exchange Rates

At time of writing:

The Rand traded at 15.0018 versus the dollar.

  • GBP: 20.42
  • Euro: 17.02
  • Gold: 1920 USD
  • Bitcoin: 38 926 USD

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