Rand News Update │ Rand shows big improvement

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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 showed a massive improvement in the overnight session reaching its best level of 15.4200. The local unit did not manage to hold onto its gains and is currently trading in the 15.60s. The predicted trading range for the rand today is between 15.3500 and 15.8500.

The Federal Reserve increased interest rates by 50bps which was expected by markets. Although Fed Chair, Jerome Powell advised that they are not planning on any more big hikes. This move sparked a selloff in the USD. Markets are predicting another 50bps hike in June with two more half-point increases possible for July and September.

The interest rate increase in the U.S. along with Eskom’s load shedding is making a dent on the ZAR. If the gap between the U.S. interest and South African interest rate keeps getting smaller, we will see an upward trend for the USD/ZAR pair.

Foreign Exchange Rates

At time of writing:

The Rand traded at 15.5800 versus the dollar.

  • GBP: 19.61
  • Euro: 16.61
  • Gold: 1896 USD
  • Bitcoin: 39 489 USD

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