Rand News Update │ Rand dropped below 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 dropped below the 16.0000 level in yesterday’s trades to trade at its best level of 15.8975 last night. The next short term technical support level is at 15.8500. The predicted trading range for the rand today is between 15.7500 and 16.2500.

Investors are anticipating a 50 basis-point repo rate hike in tomorrow’s monetary policy decision by the South African Reserve Bank. This will move the repo rate to 4.75% which will hopefully curb effects from higher consumer prices. On the global front, Federal Reserve Chair, Jerome Powell said that the FOMC are going to continue increasing rates until inflation decrease.

If interest rates spike in the U.S., it will have a negative effect on development in both the U.S. and globally. The rand will also be affected and is running the risk of weakening even more in the rest of this quarter and the third quarter of 2022.

Foreign Exchange Rates

At time of writing:

The Rand traded at 15.9615 versus the dollar.

  • GBP: 19.76
  • Euro: 16.78
  • Gold: 1815 USD
  • Bitcoin: 29 838 USD

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