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 has improved below the 15.4000 level in this morning’s early session. In yesterday’s session the local unit reached its best level of 15.4550 for the day. There was very little movement in the overnight session. The predicted trading range for the rand today is between 15.2500 and 15.7000.
Markets will trade with caution today as U.S. data is due later this afternoon. Data to be expected is non-farm payrolls, manufacturing payrolls, unemployment, average hourly earnings, the participation rate and services PMI and ISM services.
The huge hike in fuel prices has caused in a more than 10% price increases in food too. Electricity tariffs also increased with 15% in April which will cause even more increases in food and transportation. Consumers are experiencing a massive spike of living costs that could result in social unrest.
Foreign Exchange Rates
At time of writing:
The Rand traded at 15.4105 versus the dollar.
- GBP: 19.37
- Euro: 16.58
- Gold: 1865 USD
- Bitcoin: 30 465 USD
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