Rand News Update │ Rand in volatile environment

money transfers and the african continent economy

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 in a volatile environment as it reached a high of 16.8500 in yesterday’s session. The demand for the USD is growing significantly, whilst there is very little positive movement for the rand. The predicted trading range for the rand today is between 16.5000 and 17.0000.

The sudden USD/EUR drop has surprised traders and a downwards move is also on the cards. The decrease in the currency pair is highly motivated by the Federal Reserves policy decisions. There is some relief as for the GBP as it showed some stability after PM Johnson stepped down yesterday. This came after his cabinet ministers resigned in protest, which left him with no other option.

Market focus for today is on U.S. data releases scheduled for later, which will leave the markets extremely wary and unpredictable.

Foreign Exchange Rates

At time of writing:

The Rand traded at 16.8315 versus the dollar.

  • GBP: 20.09
  • Euro: 17.03
  • Gold: 1737 USD
  • Bitcoin: 21 631 USD

To start sending and receiving money today, download the SFX app now on Android or iOS

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