Rand News Update │ Rand strength met by USD support

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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.

Any strength shown by the South African rand will quickly be met with some USD buying interest. The local unit is trading around the 16.0000 level, even though it reached its best level of 15.7125 last week. The predicted trading range for the rand today is between 15.8500 and 16.2500.

Markets are likely to be vigilant today as it’s a public holiday in the U.S. The rand had a quick improvement after the Federal Reserve’s announcement last week, but it quickly turned as the Fed said there is a possibility of another 75bps increase at the next meeting.

Gold prices are slightly higher today as the dollar is showing some weakness and is hampering the precious metal’s demand. Oil prices are somewhat lower on Monday as the demand for fuel is much greater than the concerns regarding shrinking supplies.

At time of writing:

The Rand traded at 16.0584 versus the dollar.

  • GBP: 19.64
  • Euro: 16.89
  • Gold: 1839 USD
  • Bitcoin: 20 420 USD

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