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 stable level of 16.0000. Yesterday the local unit reached its best level of 15.9500 for the day. As was predicted, the USD buyers stepped up and the rand spiked to a level of 16.0800. The predicted trading range for the rand today is between 15.8500 and 16.2500.
There are not any major headlines impacting the rand at the moment which gives little reason for big market movement today. Investors are investigating the risks on the economy from stricter U.S. monetary policy after the Federal Reserve’s biggest rate increase in 25 years.
The well performing rand is at an advantage for exporters. Markets are predicting the ZAR to bounce back as its currently in an oversold territory and likely for buying.
Foreign Exchange Rates
At time of writing:
The Rand traded at 15.9262 versus the dollar.
- GBP: 19.58
- Euro: 16.84
- Gold: 1838 USD
- Bitcoin: 21 145 USD