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 continues to lose ground as a mixture of local and international factors put a damper on any recovery of the rand. On Friday the local unit reached a high of 15.6750, it did recover some what to trade at a rate of 15.487 but the recovery did not last long. The predicted trading range for the rand today is between 15.5000 and 16.0000.
Other emerging market currencies are also experiencing pressure as uncertainties about whether the global economy can handle the U.S. Federal Reserve’s aggressive stance. Foreign exchange markets are also influenced by the continuing Covid-19 lockdowns in China and the commodity upset caused by the Russia-Ukraine war.
Analysts are saying that it could take a few days for the rand to calm down after such a great loss last week. While the South African central bank could lend its support to improved commodity prices and policy outlook.
Foreign Exchange Rates
At time of writing:
The Rand traded at 15.6181 versus the dollar.
- GBP: 19.93
- Euro: 16.78
- Gold: 1919 USD
- Bitcoin: 38 618 USD