Rand News Update │ Rand trading in limited range

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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 in a limited range. The highest level for yesterday was at 16.0580 versus the best level for the day was reached at 15.8275. The local unit struggled to hold onto its wins and quickly retreated to trade back in the 16.0000 level. The predicted trading range for the rand today is between 15.8000 and 16.2000.

Local market focus for today is on the release of the CPI data which is predicted to increase to 6.1% compared to 5.9% in April. Markets will then move internationally, as the Federal Reserve is expected to release a statement which will give indication to the predicted movement of interest rate increases.

Gold prices improved and Asian stocks decreased as continued concerns are rising about the interest rates and inflation. The Japanese yen had reached its lowest in a 24-years against the dollar.

Foreign Exchange Rates

At time of writing:

The Rand traded at 16.0073 versus the dollar.

  • GBP: 19.61
  • Euro: 16.84
  • Gold: 1830 USD
  • Bitcoin: 20 364 USD

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

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