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 pushed through the 14.8000 level in yesterday’s session reaching its best level of 14.7400. The local unit will be trading cautiously today ahead of the central bank’s rate decision later today. The predicted trading range for the rand today is between 14.5500 and 14.9500.
The South African Reserve Bank is predicted to increase its repo rate to 4.25% which will slow the inflation. Data released on Wednesday that domestic inflation was steady in February at 5.7% which is close to the central bank’s inflation target range of 3%-6%.
Today marks a month since Russia invaded Ukraine. NATO is meeting today to discuss possibilities of troop increases in the East. Additional assistance for Ukraine is also expected to be announced along with more sanctions on Russia from the U.S.
Foreign Exchange Rates
At time of writing:
The Rand traded at 14.7645 versus the dollar.
- GBP: 19.44
- Euro: 16.20
- Gold: 1941 USD
- Bitcoin: 43 075 USD