Rand News Update │ Rand cautious ahead of SARB meeting

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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 will be trading cautiously ahead of the SARB monetary policy meeting due today. Yesterday the rand reached its best level of 15.8850 for the day but spiked above the 16.0000 level in the overnight session. The predicted trading range for the rand today is between 15.8000 and 16.3000.

Markets are predicting a 50bps increase of the repo rate as the outcome for today’s SARB monetary policy decision. Even though some are indicating to only 25 bps hike. There are two different scenarios for the rand. Firstly, if the repo rate does spike with 50 bps it will lend support to the local unit’s resilience and even dip below the 16.0000 level. Secondly, if the repo rate is only increased by 25 bps the rand will find itself creeping closer to the 16.2000 level.

The USD has been the safer option for global markets. As Shanghai lifted some of its restrictions, the AUD and NZD spiked. Economic outlook will continue to be fragile as global equities sell off.

Foreign Exchange Rates

At time of writing:

The Rand traded at 16.0415 versus the dollar.

  • GBP: 19.87
  • Euro: 16.84
  • Gold: 1813 USD
  • Bitcoin: 29 123 USD

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