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 of 15.6000 after it reached its highest level of 15.7975 in yesterday’s session. The predicted trading range for the rand today is between 15.5000 and 15.9000.
The local unit will trade cautiously today ahead of the public holiday tomorrow. The rand’s suffering these past weeks was prompted by local factors. The factors include, relentless power cuts from Eskom, the fatal floods in KwaZulu-Natal and remarks by the U.S. Federal Reserve indicating an aggressive rate increase.
Analysts said that the South African rand is being underestimated. The local unit is used by investors as an alternative for commodities exposure. Gold prices increased as the USD declined slightly. China’s central bank has promised to increase support for the economy.
Foreign Exchange Rates
At time of writing:
The Rand traded at 15.6882 versus the dollar.
- GBP: 19.94
- Euro: 16.76
- Gold: 1905 USD
- Bitcoin: 40 402 USD