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 has lost any sign of gains and is trading at a level above 16.0000. The local unit reached a high of 16.0750 in yesterday’s session, although in the overnight session it reached a high of 16.1000. The predicted trading range for the rand today is between 15.9000 and 16.3000.
All foreign exchange markets are trading with immense caution as there are growing concerns regarding central bank activity and growth affecting the global outlook. Local factors influencing the struggling ZAR is the fact that Eskom has now escalated their loadshedding to stage 6. Technical indicators are suggesting a move towards the 16.3000 level.
Asian stocks decreased as there are growing concerns over recession, inflation, and the high price of oil. This support the dollar which is the preferred currency at the moment.
Foreign Exchange Rates
At time of writing:
The Rand traded at 16.1145 versus the dollar.
- GBP: 19.64
- Euro: 16.93
- Gold: 1816 USD
- Bitcoin: 20 093 USD