Rand News Update │ Rand lost gains to trade above 16.00 level

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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 lost all its gains in the overnight session to trade above a level of 16.0000. The local unit reached its weakest level of 16.08 last night after it reached its best level of 15.7600 during the day which lasted very short. The predicted trading range for the rand today is between 15.8000 and 16.3000.

The foreign exchange markets have experienced massive price action and change during the week. This scenario is worsened by an evident shortage of liquidity. Markets will stay in a cautious state for the day as U.S. data release is expected this afternoon.

Gold prices are on a downward trend as the U.S. dollar keeps improving. The precious metal offers no yield of its own, which is why investors look it over when interest rates increase.

At time of writing:

The Rand traded at 16.0295 versus the dollar.

  • GBP: 19.78
  • Euro: 16.03
  • Gold: 1881 USD
  • Bitcoin: 36 325 USD

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