Rand News Update │ Rand stronger ahead of FOMC meeting

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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 was trading stronger on Tuesday morning ahead of the Federal Open Market Committee meeting tomorrow. The local unit is trading 0.13% stronger than its previous close. The predicted trading range for the rand today is between 14.9500 and 15.3500.

 Economist are predicting the Federal Reserve to increase rates for the first time since the pandemic in their scheduled meeting on Wednesday. Trader will look for hints on how quickly the future rates will be raised.

Asian stocks decreased as there is a renewed spike of Covid-19 cases in China. Investors are now eve more cautious as they are already concerned about the Russia-Ukraine war and the U.S. first interest rate increase.

At time of writing:

The Rand traded at 15.1648 versus the dollar.

  • GBP: 19.75
  • Euro: 16.67
  • Gold: 1934 USD
  • Bitcoin: 38 344 USD

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