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 struggled to hold onto its gains made on Friday and is currently trading above a level of 15.8000. The next technical support level is at 15.6000. The predicted trading range for the rand today is between 15.6000 and 16.0000.
The local unit traded in a positive trend after the rate increase by the South African Reserve Bank last week. This was the biggest hike in six years to attempt to curb inflation. Gold prices increased on Monday as the US dollar is lending support to the metal.
S&P Ratings agency revised South Africa’s outlook to “positive” on Friday. The agency announced that it indicates beneficial terms of trade and a trend of controlled expenditure for the country.
Foreign Exchange Rates
At time of writing:
The Rand traded at 15.7820 versus the dollar.
- GBP: 19.84
- Euro: 16.84
- Gold: 1864 USD
- Bitcoin: 30 414 USD