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 pushed to a level in the high 15.4000 in yesterday’s session, after the news broke that Barclays has sold 7.4% of its stake in Absa. The short-term technical indicators are pushed to the top side. The predicted trading range for the rand today is between 15.1500 and 15.6500.
The local unit has shown a decline of 6% this week against the dollar. The ongoing power cuts from Eskom and floods in KZN have diminished the country’s economic growth projections. ETM Analytics released research showing that the quick drop of the rand this week has slowed downed the overappraisal of the ZAR.
U.S. Federal Reserve Chair, Jerome Powell announced on Thursday that a half-point interest rate increase will be a possibility next month. This news supported the dollar and damaged the emerging market currencies such as the rand.
Foreign Exchange Rates
At time of writing:
The Rand traded at 15.5824 versus the dollar.
- GBP: 20.05
- Euro: 16.83
- Gold: 1942 USD
- Bitcoin: 40 442 USD