Rand News Update │ Rand retreated to trade in low 16.00

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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 retreated to trade in the low 16.00s in last night’s session. Even though the local unit did trade towards a level of 16.3000 yesterday, there was little confidence in the upward trend. The predicted trading range for the rand today is between 15.8500 and 16.3500.

This week we’ve seen the rand undergoing severe movement, as it was trading at a level of 15.8825 last week Friday. Since that time, it indicated towards a level of 15.3000 several times but never held onto its gains for too long. Foreign exchange markets will once again trade with little liquidity today as the week comes to an end.

The cryptocurrency market is under pressure as some of the stablecoins, such as TerraUSD collapse as they lose their link. This resulted in Bitcoin decreasing below $30 000 during the week. The crypto market needs to eliminate all the unstable currencies, to make the market stable again.

Foreign Exchange Rates

At time of writing:

The Rand traded at 16.0768 versus the dollar.

  • GBP: 19.59
  • Euro: 16.70
  • Gold: 1823 USD
  • Bitcoin: 30 530 USD

To start sending and receiving money today, download the SFX app now on Android or iOS

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