Rand News Update │ Rand struggling to hold onto recent gains

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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 is struggling to hold onto its recent gains from the previous session. The local unit reached its best level of 15.5650 in yesterday’s session but closed on a level of 15.7600. The predicted trading range for the rand today is between 15.5000 and 16.0000.

The rand traded weaker after the outcome of the FOMC meeting in the U.S. The meeting’s outcome suggested that Fed members come to an agreement that they will continue to increase interest rates. This is to slowdown rising inflation, while the financial markets struggle with the effects of ongoing lockdown in China and the war in Ukraine.

Analysts are predicting that local April inflation will increase to 12.3% in annual terms from 11.9% in March. This data will give indications to prices pressures in the country.

Foreign Exchange Rates

At time of writing:

The Rand traded at 15.7520 versus the dollar.

  • GBP: 19.77
  • Euro: 16.82
  • Gold: 1846 USD
  • Bitcoin: 29 038 USD

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