Rand News Update │ Rand breaks through 16.00 level

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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 broke through the 16.0000 level in this morning’s session. Technical indicators are showing a move to the top side and any recovery will be limited. The predicted trading range for the rand today is between 15.8000 and 16.3000.

The local unit weakened on Friday after its strengthening during last week’s improvement. The rand closed the session at a high of 15.7900 after higher that expected US CPI data released. Focus is on the Federal Reserve and the possibility of decisions made on interest rate increases.

China is following a zero-Covid policy which is causing damage to the economy. Areas of Shanghai were put back into lockdown as there were a new spike of infections, with mass testing also underway.

Foreign Exchange Rates

At time of writing:

The Rand traded at 16.0257 versus the dollar.

  • GBP: 19.56
  • Euro: 16.78
  • Gold: 1856 USD
  • Bitcoin: 25 225 USD

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