Rand News Update │ Rand weakest since 2020

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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 has reached its weakest level since 2020 after it reached a high of 16.6075 in yesterday’s session. The local unit opened yesterday’s session at 16.34 but quickly lost grounds as the USD kept performing. The predicted trading range for the rand today is between 16.4000 and 16.9000.

The rand’s weakness can be directly link toe weaker commodity prices, higher inflation, and fears of a possible global recession. Eskom has resolved their strike action, although it was at a considerable cost for the utility.

Japan has proposed to limit the price of oil from Russia to about half its price. This will result in less oil in the market and cause prices to increase. Countries like Iran and Venezuela could potentially step in and assist with the supply.

Foreign Exchange Rates

At time of writing:

The Rand traded at 16.7075 versus the dollar.

  • GBP: 19.95
  • Euro: 17.09
  • Gold: 1770 USD
  • Bitcoin: 20 214 USD

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