Rand News Update │ Rand made recovery to level of 15.80

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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 made a recovery in yesterday’s trades to reach its best level of 15.7650 for the day. The retreat of the local unit came after it started the week of at a level of 16.1200. The predicted trading range for the rand today is between 15.5500 and 16.1500.

The Federal Open Market Committee is scheduled to meet today which will leave markets to trade with caution. The Federal Reserve is expected to increase its interest for the second time in four years. Investors are anticipating if Fed Cahir Jerome Powell will indicate the possibility of stricter rate increases.  

Last month the EU imposed a ban on coal imports from Russia. At the moment they are also considering restrictions on oil purchases. This move is raising concerns about whether the ban will also restrict Europe’s import of natural gas.

Foreign Exchange Rates

At time of writing:

The Rand traded at 15.8266 versus the dollar.

  • GBP: 19.80
  • Euro: 16.6630
  • Gold: 1869 USD
  • Bitcoin: 38 855 USD

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