Rand News Update │ Rand improved to a level of 15.80

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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 improved to trade at a level of 15.8000 on Friday. The local unit reached its best level of 15.7600 on the day and ended the week of trading at a level of 15.8250. The rand is currently in a positive environment but is struggling to hold onto any gains below the 15.80 level. The predicted trading range for the rand today is between 15.6500 and 16.1500.

The USD will usually increase in periods of uncertainty. During this time investors will usually favour dollar-denominated assets over higher-yielding and riskier assets such as the rand. The boost in the dollar comes from investors being concerned over increasing interest rates and the ongoing risk of a global recession.

Oil prices are increasing ahead of the G7 nations meeting scheduled in Germany. Investors are anticipating possible bans against Russian oil and gas exports. There is also concern regarding the supply as Western governments are looking into ways to limited Russia’s ability to fund its ongoing war in Ukraine.

Foreign Exchange Rates

At time of writing:

The Rand traded at 15.9222 versus the dollar.

  • GBP: 19.55
  • Euro: 16.84
  • Gold: 1837 USD
  • Bitcoin: 21 418 USD

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