Rand News Update │ Rand stuck above level of 16.00

coins

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 is stuck above a level of 16.0000. It was trading in a very limited range in yesterday’s session. If the local unit tries to make a break below 16.0000 it will be very short lived. The predicted trading range for the rand today is between 15.9000 and 16.3000.

The dollar has retreated from its highest rates in two decades as there is a risk of the Federal Reserve increasing interest rates even more. This will result in the U.S. economy going into a recession. The Fed is scheduled to deliver its next policy announcement on Wednesday.

Gold prices are decreasing as markets are trying to make profits and still under pressure by the stronger USD. Investors are abandoning the bullion to protect shortfalls in other assets.

Foreign Exchange Rates

At time of writing:

The Rand traded at 16.0775 versus the dollar.

  • GBP: 19.46
  • Euro: 16.77
  • Gold: 1820 USD
  • Bitcoin: 22 360 USD

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

Share This Post

Share on facebook
Share on linkedin
Share on twitter
Share on email

We Would Love To Hear From You!

More To Explore