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 on a steady decline as it opened on a level of 16.0700 in yesterday’s session and closing the session at 16.2300. The local unit reached its highest level at 16.3000 for the day. There was a somewhat stability at the 16.15 level, but once it gained to 16.2000 it just kept going. The next technical level to reach would be 16.3800 to 16.4300.
Even though the rand has declined quite a lot over the past week, and the USD just seems to be climbing, there might be a possibility for the rand to show a pull-back. This can be triggered by month-end and half-year for various companies today. The ZAR has not been this high since last year November.
The ongoing struggle of Eskom causing rolling blackouts in the country is contributing to the weakening rand. Eskom has announced that the power system will remain constrained and vulnerable to additional breakdowns.
Foreign Exchange Rates
At time of writing:
The Rand traded at 16.2611 versus the dollar.
- GBP: 19.71
- Euro: 16.95
- Gold: 1811 USD
- Bitcoin: 19 068 USD