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 stays in a positive environment while trying to reach the next technical objective of 14.7000. The local unit reached its best level of 14.8550 in the overnight session, but it was only briefly. The predicted trading range for the rand today is between 14.7000 and 15.1000.
During uncertain times investors favour the saver option of the USD dollar. Even though South Africa is a resource-led country with recent rises in commodity prices, gold, platinum, and coal which has strengthened the rand. The rand, being a riskier currency, benefits form the U.S. interest rates remaining low.
Gold prices decreased on Friday, reaching its worst week since November. The demand for gold is spurred on by the ongoing invasion by Russia in Ukraine.
Foreign Exchange Rates
At time of writing:
The Rand traded at 14.9597 versus the dollar.
- GBP: 19.66
- Euro: 16.55
- Gold: 1933 USD
- Bitcoin: 40 551 USD