Rand News Update │ Rand weak as USD spike

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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 weakened as the USD is showing strength against most emerging market currencies. On Friday the local unit reached its highest of 16.2975 for the day after which it closed the session at 16.1825. The predicted trading range for the rand today is between 16.0500 and 16.5500.

Local market focus will be on the outcome of the South African Reserve Bank’s Monetary Policy decision on Thursday. Forecasts are predicting the bank will make its first 50 basis point repo rate increase. This will be the first hike in more than six years, which will move the rate to 4.75%.

The economic effects of China’s zero-Covid-19 policy and the ongoing crisis in Ukraine is adding to the investors’ concerns of a possible recession. As a result of this investors are preferring the safe-haven U.S. dollar.  

At time of writing:

The Rand traded at 16.2711 versus the dollar.

  • GBP: 19.92
  • Euro: 16.96
  • Gold: 1799 USD
  • Bitcoin: 29 970 USD

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