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 on a positive trend after it reached its best level of 14.5125 after yesterday’s MPC meeting. This morning it made a quick dip to reach a level of 14.4850. This is the highest the rand has managed against the dollar in five months. The predicted trading range for the rand today is between 14.4000 and 14.7000.
The South African Reserve Bank increased its main lending rate by 25 basis points to 4.25% in yesterday’s meeting. However, the decision was split 3-2, with two members that preferred a bigger move of 50 basis points.
The local unit is one of the best performing emerging currencies since Russia invaded Ukraine a month ago. The high prices for commodities such as gold, palladium, platinum and coal is beneficial to South Africa.
Foreign Exchange Rates
At time of writing:
The Rand traded at 14.5631 versus the dollar.
- GBP: 19.19
- Euro: 16.03
- Gold: 1957 USD
- Bitcoin: 43 867 USD