Rand News Update │ Rand holding stable at level of 16.30

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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 at a steady rate of 16.3000, although it reached a high of 16.4700 in yesterday’s session. The rand managed to improve in the overnight session and pulled back to level of 16.2550. As markets opened this morning, the local unit is trading back at a level of 16.30. The predicted trading range for the rand today is between 16.1500 and 16.5000.

With the U.S. celebrating a long weekend, and the market recovering from data received for month-end and half-yearend, there is expected to be some volatility this afternoon. South African economy as well as currency will carry on struggling if the government does not come up with a suitable solution to resolve the loadshedding crisis.

Eskom is scheduled to meet with trade unions today negotiate an appropriate deal. If deliberations end on a positive note that will end the weeklong strike action and stage 6 load shedding.  

Foreign Exchange Rates

At time of writing:

The Rand traded at 16.3543 versus the dollar.

  • GBP: 19.72
  • Euro: 17.10
  • Gold: 1790 USD
  • Bitcoin: 19 105 USD

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