Rand News Update │ Rand trading stable ahead of Fed meeting

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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 is trading relatively stable ahead of the Federal Reserve meeting scheduled for later today. All market focus will be on the outcome of this meeting, which will only be reported on after the local close of tonight’s session. The predicted trading range for the rand today is between 15.8500 and 16.2500.

Analysts are expecting a 50 basis points hike by the Federal Reserve. This prediction was made after last week’s higher than expected U.S. inflation data for May. Markets are predicting a 75-basis points interest rate increase.

Market sentiment will stay relatively unchanged ahead of tomorrow’s local public holiday and a holiday in US on Monday.

Foreign Exchange Rates

At time of writing:

The Rand traded at 15.9943 versus the dollar.

  • GBP: 19.30
  • Euro: 16.77
  • Gold: 1823 USD
  • Bitcoin: 20 110 USD

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

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