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 at a level of 16.000, after a relatively quiet session for yesterday’s public holiday. On Wednesday we saw the local unit trading in arrange of 15.9400 and 16.0875 ahead of the FOMC meeting. The predicted trading range for the rand today is between 15.7500 and 16.1500.
After the Federal Reserve’s meeting on Tuesday, the rand traded in a range of 15.7175 to 16.0600. The Fed’s rate increase is the biggest since 1995, with another hike expected at next month’s meeting.
Switzerland and Britain’s policymakers are following suit of U.S. in increasing rates. This is to curb inflation.
Foreign Exchange Rates
At time of writing:
The Rand traded at 15.8820 versus the dollar.
- GBP: 19.56
- Euro: 16.71
- Gold: 1849 USD
- Bitcoin: 20 975 USD