Rand News Update │ Rand spikes as USD improves

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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 spiked as the USD is showing strength. The local unit traded in a range of 14.6550 to 14.8000 in yesterday’s session. If the rand shows any strength, there is a counter act of new demand for the USD. The predicted trading range for the rand today is between 14.5500 and 14.9500.

The dollar is trading stronger at 1.3% this week. It received support from the Federal Reserve’s announcement earlier this week. There will be a speedier pace of interest rates hikes in the U.S. to assist in limit rapid inflation.

South Africa’s Treasury Director-General Dondo Mogajane announced on Thursday he will leave his post in June to explore opportunities outside the public sector. This also cause the upset in the rand to trade above a level of 14.7000.

Foreign Exchange Rates

At time of writing:

The Rand traded at 14.7596 versus the dollar.

  • GBP: 19.23
  • Euro: 15.79
  • Gold: 1930 USD
  • Bitcoin: 43 454 USD

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