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The South African rand broke through the 15.5000 level in today’s early session. The local currency is open to indicators from global markets as no domestic incentives are applicable. The predicted trading range for the rand today is between 15.5000 and 15.9000.
On Tuesday the South African government released new measure on how to limit spiking domestic fuel prices and relieve pressure on consumers. The South African Reserve Bank made their biggest rate increase in more than six years last month. SARB also mentioned that fuel prices is a big influence on the inflation outlook.
China’s strict Covid-19 lockdown in Shanghai has ended after two months. This may lead to a bigger demand of fuel from the country. On Monday, the European Union leaders agreed to a partial and phased ban on Russian oil. By the end of 2022, the EU would limit 90% of oil imports from Russia.
At time of writing:
The Rand traded at 15.5309 versus the dollar.
- GBP: 19.55
- Euro: 16.65
- Gold: 1830 USD
- Bitcoin: 31 662 USD