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 trading strong at a level of 15.5000 as the month comes to an end. In yesterday’s session the rand traded close to the best levels of the month, although it didn’t manage to break through the short-term technical level of 15.4000. The predicted trading range for the rand today is between 15.3500 and 15.7500.
The South African economy was already in a bad shape before the global Covid-1p pandemic and its currently undergoing more pressure as the country experiences ongoing power outages. Due to job losses in manufacturing and construction, the unemployment rate is on a record high of 35.5% in the final quarter of 2021.
The local unit is boosted by the Federal Reserve’s minutes suggesting a stable rate increase. There is also a small chance of recession in the U.S.
Foreign Exchange Rates
At time of writing:
The Rand traded at 15.5621 versus the dollar.
- GBP: 19.64
- Euro: 16.71
- Gold: 1852 USD
- Bitcoin: 31 592 USD