Rand News Update │ Rand affected by Australia rate hike

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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 reacted to Australia’s Reserve Bank after the decision yesterday to increase their interest rates by the most in 22 years. This caused the local unit to trade back to a level of 15.4200 after it reached its best level of 15.3000. The predicted trading range for the rand today is between 15.3500 and 15.8500.

The local unit opened the session this morning trading at 15.5100 against the dollar, which is 0.5% weaker than its previous close. The USD received some broad-based demand.

Local focus today will be on South Africa’s first-quarter gross domestic product figures. Analysts are predicting a 1.2% quarter-on-quarter growth and a 1.7% increase of year-on-year. There figures are similar to previous quarter’s data.

Foreign Exchange Rates

At time of writing:

The Rand traded at 15.4145 versus the dollar.

  • GBP: 19.27
  • Euro: 16.48
  • Gold: 1844 USD
  • Bitcoin: 29 610 USD

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

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