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 has managed to break through the 14.5000 level in yesterday afternoon’s session. Indicators are showing it might be able to further its gains. The predicted trading range for the rand today is between 14.3000 and 14.7000.
Yesterday’s U.S. CPI data released showed a result of 8.5% year on year, which was as predicted. Markets showed some disappointment by the outcome, but it was in favour of the rand. Higher commodity prices are a huge boost for South Africa, as its resource rich.
Local investors are focused on February retail sales numbers due today, which will give insight to the well-being of the domestic economy. The South African Reserve Bank said in a statement on Tuesday that a continued economic recovery was threated by surging inflation.
Foreign Exchange Rates
At time of writing:
The Rand traded at 14.4562 versus the dollar.
- GBP: 18.79
- Euro: 15.65
- Gold: 1973 USD
- Bitcoin: 40 113 USD