Rand News Update │ Rand trading with caution

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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 trading cautiously as the Ukraine-Russian war is still ongoing. The local unit traded steady during the course of last week, with short lived gains below sub-15.0000. The predicted trading range for the rand today is between 14.9000 and 15.3000.

The rand’s decline is linked to the commodity prices declining and markets waiting in anticipation for the possible rate increases in the US and UK. Foreign exchange markets are still very much influenced by the development in Ukraine. Although market focus this week will be on the Federal Open Market Committee (FOMC) meeting.

The FOMC meeting is scheduled to discuss when interest rates should be increased and with how much. The Bank of England is expected to increase their rates to 0.75%. When rates are high in developed markets, it will usually deviate capital from emerging markets like South Africa, which affects their currencies.

Foreign Exchange Rates

At time of writing:

The Rand traded at 15.0788 versus the dollar.

  • GBP: 19.68
  • Euro: 16.53
  • Gold: 1963 USD
  • Bitcoin: 39 049 USD

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