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 reached its support level of 15.2000 in the overnight session. The local unit got support from the GDP data that suggested an economic growth of 4.9% in 2021. The predicted trading range for the rand today is between 15.0000 and 15.5000.
The Russia-Ukraine conflict is weakening investor’s interest in South Africa’s commodities including gold, platinum and palladium. The country is once again suffering form power cuts. In the past the frequent power outages have restricted South Africa’s economic growth in previous years.
Oil prices has reached a 14 year high on Tuesday after the United States announced a possible ban on Russian oil imports. This will cause a much bigger disruption to crude supplies.
Foreign Exchange Rates
At time of writing:
The Rand traded at 15.1744 versus the dollar.
- GBP: 19.95
- Euro: 16.65
- Gold: 2017 USD
- Bitcoin: 41 997 USD