Rand News Update │ Rand trading in low 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 is trading in the low 16.0000 level as it opened today’s session at 16.12. In yesterday’s session the local unit traded in a range of 16.0600 to 16.2525. The predicted trading range for the rand today is between 15.8500 and 16.3500.

The foreign exchange market is trading in limited ranges as markets are anticipating various central bank actions, the ongoing situation in Ukraine and the rise in Covid-19 cases. If the Federal Reserve keep rising interest rates for the United States, it will possibly result in capital outflows and currency devaluation in emerging markets, such as South Africa.

The oil market has been negatively affected in the recent months as a result of Russia’s invasion of Ukraine and the recent lockdowns in China caused by Covid-19. The recent war has pushed up the cost of various food and fuels.

Foreign Exchange Rates

At time of writing:

The Rand traded at 16.0136 versus the dollar.

  • GBP: 19.79
  • Euro: 16.91
  • Gold: 1851 USD
  • Bitcoin: 31 592 USD

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