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 showing some improvement even though the US dollar is trading strong. The local unit reached its best level of 14.5650 during yesterdays session. The predicted trading range for the rand today is between 14.4000 and 14.8000.
International market focus will be on the U.S. CPI data due today. U.S. inflation data is predicted to show its biggest increase last month in more than 16 years. The war between Russia and Ukraine has increased the cost of gasoline to record highs.
Local markets are expecting the South African Reserve Bank biannual monetary policy review today. This could give some insight on the course the interest rates are following. Last month’s main lending rate increase was due to the possible risks the war in Ukraine has on the inflation outlook.
Foreign Exchange Rates
At time of writing:
The Rand traded at 14.5698 versus the dollar.
- GBP: 18.94
- Euro: 15.81
- Gold: 1958 USD
- Bitcoin: 39 909 USD