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 improved significantly in yesterday’s session to trade at a level of 15.8000. Trading activity was relatively quiet before the SARB MPC meeting. The outcome of the meeting supported the huge rally of the rand. The predicted trading range for the rand today is between 15.6000 and 16.1000.
The local unit is trading 0.27% firmer from its previous close. In yesterday’s South African Reserve Bank’s Monetary Policy Committee, they increased the repo rate by 50 basis points to 4.75%. This is the central bank’s effort to manage inflation. Consumer inflation is at 5.9% in annual terms which is powered by the higher fuel and food prices linked to the war in Ukraine.
Oil prices decreased on Friday as investors are concerned about the global economic growth and stricter central bank monetary policy in an effort to help a support the recovery of fuel demand.
Foreign Exchange Rates
At time of writing:
The Rand traded at 15.8715 versus the dollar.
- GBP: 19.78
- Euro: 16.80
- Gold: 1845 USD
- Bitcoin: 30 282 USD