The South African rand increased late yesterday afternoon to trade in the high 14.60s after the Federal Reserve’s comments. As a result, the USD buying spiked. The predicted trading range for the rand today is between 14.5500 and 14.9500.
The local unit reached its best level of 14.5175 during yesterday’s session. It struggled to break through the 14.50 level. The gains made quickly retreated which saw the rand trading above the 14.70 level. It is currently trading 0.4% weaker against the dollar.
The USD managed to reach its highest in nearly two years. The U.S. Federal Reserve officials announced that there will be a fast reduction in the central bank’s elevated balance sheet. One official hinted at heavy rate increases of half a percentage point.
Foreign Exchange Rates
At time of writing:
The Rand traded at 14.6345 versus the dollar.
- GBP: 19.17
- Euro: 15.96
- Gold: 1929 USD
- Bitcoin: 45 271 USD
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