Rand News Update │ Rand managed to hold onto gains


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 managed to hold onto its gains made over the weekend, to trade in the low 15.50s on Monday. The local unit reached its best level of 15.5350 on Friday, although this was a big recovery it might only be for the short term. The recent best levels were at 15.4225 during the month. The predicted trading range for the rand today is between 15.3000 and 15.8000.

Today is a public holiday in the U.S. so markets will be subdued. Although the USD is under pressure as investors are pulling back comments made on the increased U.S. rates. The rising U.S. interest rates will boost more improvement as the risk of global recession improved slightly.

Local market focus this week will be on a number of indicators. Indicators include April credit and money supply data, unemployment numbers or the first quarter of 2022 and April trade balance numbers.

Foreign Exchange Rates

At time of writing:

The Rand traded at 15.5306 versus the dollar.

  • GBP: 19.60
  • Euro: 16.69
  • Gold: 1860 USD
  • Bitcoin: 30 626 USD

To start sending and receiving money today, download the SFX app now on Android or iOS

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