Rand News Update │ Rand breached level of 16.0000

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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 has breached the 16.0000 level over the course of the weekend. The local unit managed to recover slightly at the close of last week, reaching a best level of 15.7200. But the recovery did not last long as the rand encountered massive pressure in yesterday’s session. The predicted trading range for the rand today is between 15.9000 and 16.4000.

Most markets were closed yesterday, while there was also a lack of liquidity. We saw the rand reached a high of 16.1950 after its best level of 15.7750. Oil prices have been struggling since Russia invaded Ukraine in late February. Prices recovered slightly on Monday, but the spike in Covid-19 cases in Beijing has put a damper on it.

The U.S. dollar is at its highest level in 20 years, with the Dollar Index at its strongest level since 2022. The U.S. currency is strengthening against various developed currencies, including the euro, yen, Canadian dollar and the British pound. Strength in the dollar is the result of weaker comparative currencies.

Foreign Exchange Rates

At time of writing:

The Rand traded at 15.9802 versus the dollar.

  • GBP: 19.86
  • Euro: 16.69
  • Gold: 1857 USD
  • Bitcoin: 38 420 USD

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