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 extended its losses to trade above a level of 17.0000. In the early session in Asia this morning the rand already reached a high of 17.15000. for the short-term there does not seem to be any indication of improvement. The predicted trading range for the rand today is between 16.9500 and 17.3500.
The EUR is also not in a good position at the moment. If the EUR weakens it will have a domino effect on the ZAR. Europe is currently concerned about a total gas cut-off from Russia which will lead to load shedding. Gold prices are also decreasing as the USD is showing significant improvement.
The rand’s bad performance is because of various factors. The struggling power utility is a big cause, but the geopolitical crisis in Russia and Ukraine as well as the global inflation increases, and rate hikes contribute to the fact.
Foreign Exchange Rates
At time of writing:
The Rand traded at 17.1485 versus the dollar.
- GBP: 20.28
- Euro: 17.16
- Gold: 1738 USD
- Bitcoin: 19 742 USD