Rand News Update │ Rand reached level below 15.0000

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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 reached a level below 15.0000 in the overnight session. The next short-term technical support level is towards 14.7000. The predicted trading range for the rand today is between 14.7500 and 15.2500.

The local unit traded between 14.9700 and 15.1300 in yesterday’s session ahead of the FOMC meeting. As was predicted the Federal Reserve increased their interest rate by 25 basis points. There has been mention that they will increase rates with another 6.25bps during the course of the year and possibility of further hikes in 2023.

Local focus will be on the SARB MPC scheduled for next week. But investors are expecting a similar outcome as the U.S. Federal Reserve’s meeting. The rand is trading strong for the moment, even though these levels are very tempting for USD buying.

Foreign Exchange Rates

At time of writing:

The Rand traded at 14.9306 versus the dollar.

  • GBP: 19.68
  • Euro: 16.48
  • Gold: 1935 USD
  • Bitcoin: 40 834 USD

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