Rand News Update │ Rand trading strong below 15.00 level

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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 strong below the 15.0000 level. The local unit opened today’s session at around 14.9600 against the dollar, which is around 0.4% weaker that its previous close. The predicted trading range for the rand today is between 14.8000 and 15.1000.

The rand managed to gain strength on Monday after U.S. Federal Reserve Chair Jerome Powell’s address. In his speech he highlighted his struggle with too-high inflation and mentioned a stricter monetary policy tightening than previously expected.

Local market focus is on the South African Reserve bank which will announce its repo rate decision on Thursday. The central bank is expected to increase the interest rate to 4.25%. This is in an attempt to ease inflationary risks.

Foreign Exchange Rates

At time of writing:

The Rand traded at 14.8791 versus the dollar.

  • GBP: 19.61
  • Euro: 16.38
  • Gold: 1924 USD
  • Bitcoin: 42 492 USD

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