Rand News Update │ Rand managed some gains

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 has managed to gain some gains as it moved just below the 17.0000 level. The local unit quickly traded above the 17.00 level in yesterday’s trades but retreated in the overnight session to trade back down to a low of 16.9500. The predicted trading range for the rand today is between 16.8500 and 17.2500.

The local unit reached a high of 17.1850 on Tuesday, which is its weakest since September 2020. Emerging markets are all under pressure as investors are retreating to the safe-haven currency which is the US dollar.

Local market focus will be on May retail sales numbers which will be published later today. Investors will be looking for indicators on the strength of the local economy. International market focus will on the much-anticipated U.S. inflation data due for later today.

Foreign Exchange Rates

At time of writing:

The Rand traded at 16.9758 versus the dollar.

  • GBP: 20.17
  • Euro: 17.04
  • Gold: 1729 USD
  • Bitcoin: 19 798 USD

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

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