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 did not manage to hold onto its gains made yesterday as it’s trading above the 14.6000 level today. As local markets head into a long weekend it is possible to encounter some position squaring and a restricted liquidity environment. The predicted trading range for the rand today is between 14.3500 and 14.8500.
Local retail data released on Wednesday showed a decrease of 0.5% month on month in February. As a result the activity will deteriorate while interest rates are increasing. Manufacturing data released on Monday showed a decline of 1.1% in February.
South Africa export commodities such as gold and platinum has been supporting the rand in the previous weeks, even though there is a slight decline in prices on Thursday.
Foreign Exchange Rates
At time of writing:
The Rand dollar exchange rate was at 14.6481
- GBP: 19.25
- Euro: 15.98
- Gold: 1968 USD
- Bitcoin: 41 115 USD