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 trading at a level above 15.0000 after losing most of its gains yesterday. Any recovery from the local unit will be very short lived. The predicted trading range for the rand today is between 14.9000 and 15.3000.
Yesterday’s session opened at a level of 14.9400, which seemed to be the lowest of the day. The rand reached its highest level of 15.1025 during the overnight session and is now trading 3% weaker against the USD since the end of last week.
Analysts from Commerzbank released research showing that the rand is under considerable selling pressure. This is because of the increased risks of power cuts and the floods in KwaZulu-Natal. The affected province has said that it would be an estimate of 10 billion rand of infrastructure damage.
Foreign Exchange Rates
At time of writing:
The Rand traded at 15.2224 versus the dollar.
- GBP: 19.85
- Euro: 16.86
- Gold: 1942 USD
- Bitcoin: 41 860 USD
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