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 reached its best level for yesterday’s trades at 15.3200 before retreating again. The local unit has been trading in a range of 15.3000 to 15.7000 in the previous days. The rand is trading significantly weaker this morning. The predicted trading range for the rand today is between 15.3000 and 15.8000.
The new South African Reserve Bank monetary policy mechanism is scheduled to be implemented tonight. As a result, markets will move from a deficit to a surplus system, which will cause uncertainty around the rand.
Gold prices decreased on Wednesday as the U.S. dollar and the Treasury yields showed some improvement. Investors are anticipating the outcome of U.S. inflation data for insights to interest rates.
Foreign Exchange Rates
At time of writing:
The Rand traded at 15.3928 versus the dollar.
- GBP: 19.28
- Euro: 16.47
- Gold: 1849 USD
- Bitcoin: 30 480 USD