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 holding at a level above 14.5000, after it reached is best level of 14.5650 at the end of yesterday’s close. All foreign exchange markets are trading cautiously as market participants seem to wait for the next catalyst. The predicted trading range for the rand today is between 14.4500 and 14.8500.
Global factors are the influence behind the rand’s movement. As a result the local unit exhibited little reaction to the announcement made by President Cyril Ramaphosa. South Africa’s national state of disaster has ended after more than two years. The national state of disaster has been the governments main source for coping with the Covid-19 pandemic. Most restrictions and regulations have been lifted with only a few still in place on a transitional basis.
Europe and the United States are planning to introduce new sanctions. This comes after the wake of civilian killings in Ukraine by Russian invaders. Ukrainian President, Volodymyr Zelenskiy has warned that more deaths are imminent in areas taken back from Russian invaders.
Foreign Exchange Rates
At time of writing:
The Rand traded at 14.5254 versus the dollar.
- GBP: 19.08
- Euro: 15.95
- Gold: 1928 USD
- Bitcoin: 46 663 USD