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 continuing in a positive territory although it encountered some setback in late last week. The local unit is still focused on reaching the short-term technical support level at 14.5000. The rand is struggling to cling onto any meaningful gains in the recent sessions. This trend will stay the same as South Africa has four consecutive four-day weeks due to public holidays coming up. The predicted trading range for the rand today is between 14.5000 and 14.9000.
The U.S. dollar is finding support from the Federal Reserve’s moves to start increasing interest rates at a steep rate. There will be various central bank meetings this week, where they will be discussing topics like inflation data and policy tightening. Such meeting includes countries like Singapore, South Korea, and New Zealand.
Local investor focus will be on the newest manufacturing data due today and retail sales and mining data expected later this week. This data will give insight on how the economy has performed at the start of 2022.
Foreign Exchange Rates
At time of writing:
The Rand traded at 14.6304 versus the dollar.
- GBP: 19.05
- Euro: 15.97
- Gold: 1953 USD
- Bitcoin: 42 259 USD