Rand News Update │ Rand strength short-lived

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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’s strength was very short-lived as its currently trading back above the 16.4000 level. In yesterday’s session the local unit reached its best level of 16.2350 for the day and closed the day on 16.3200. The predicted trading range for the rand today is between 16.1500 and 16.5500.

Financial markets were relatively quiet yesterday as the U.S. had holiday. Local market focus is still on the struggling electricity utility, Eskom, as it can’t even compete its main function. This is significantly influencing the economy.

Analysts are looking forward to the Federal Reserve’s minutes due on Wednesday and the U.S. non-farm payrolls and unemployment data due on Friday. Indicators are suggesting the Fed will most probably increase rates with another 75-basis points in July.

Foreign Exchange Rates

At time of writing:

The Rand traded at 16.4312 versus the dollar.

  • GBP: 19.79
  • Euro: 16.94
  • Gold: 1800 USD
  • Bitcoin: 19 844 USD

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