Rand News Update │ Rand showing some strength

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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 showed some strength this morning as it trades in the 15.3000 level. The local unit traded in a range of 15.32 to 15.49 in yesterday’s session. Even though the rand showed some strength it didn’t manage to reach the 15.2000 technical support level. The predicted trading range for the rand today is between 15.2000 and 15.7000.

There has been some sense of calm in the currency markets after officials from Russia and Ukraine facilitated the first round of ceasefire talks. IT has been four days now since Russia invaded Ukraine. Russia is encountering more sanctions from all over the world which is negatively affecting the demand for safe-haven assets like gold.

Oil prices are also affected by the current Russian and Ukraine war. This will result in the United States looking into a possible release of strategic crude reserves in order to prevent a sudden spike in prices.

Foreign Exchange Rates

At time of writing:

The Rand traded at 15.3667 versus the dollar.

  • GBP: 20.59
  • Euro: 17.19
  • Gold: 1927 USD
  • Bitcoin: 43 543 USD

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