Rand News Update │ Rand making small gains

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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 is making small gains after it reached its highest level of 16.4950 for the day on Friday. The local unit opened last week Monday at a level of 15.7700 after which it declined significantly as local factors influence the rand. The predicted trading range for the rand today is between 16.1500 and 16.6500.

More support for the rand will only happen if there is a big move in the market’s assessment of the global inflation and economic outlook. Gold prices are slightly higher on Monday, as the weaker Treasury yields overshadows the increasing U.S. dollar.

Fuel demand as declined as the is global concerns over increasing rates and possible recession looming. Other factors affecting the fuel demand is the unrest in Libya, sanctions on Russia as well as the strong USD.

Foreign Exchange Rates

At time of writing:

The Rand traded at 16.2640 versus the dollar.

  • GBP: 19.71
  • Euro: 16.99
  • Gold: 1805 USD
  • Bitcoin: 19 405 USD

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