Rand News Update │ Rand on the backfoot

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 on the backfoot, and its strength is being tested. On Friday the rand opened its session at a level of 16.8000 but weakened through the day and reached a high of 16.9600. The next short term technical level is 17.0000. The predicted trading range for the rand today is between 16.8000 and 17.2000.

Analysts are suggesting the local unit is only at its beginning phase of decline, as it already weakened by 9% since the last month. Previous history has shown that the rand usually weakens when the U.S. suffers from economic recession.

Market focus today will be on the U.S. CPI data due on Wednesday. Markets will look for indications pointing to possible signs of more rates increases to curb inflation.

Foreign Exchange Rates

At time of writing:

The Rand traded at 16.9836 versus the dollar.

  • GBP: 20.32
  • Euro: 17.18
  • Gold: 1739 USD
  • Bitcoin: 20 548 USD

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

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