Rand News Update │ Rand recovered to level of 16.80

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 recovered to trade at a level of 16.8000 in last night’s session. The local unit spiked to its highest level of 17.1750 in yesterday’s session as markets are concerned about the Federal Reserve rising interest rates yet again. The predicted trading range for the rand today is between 16.8000 and 17.2000.

Local retail sales data released yesterday, revealed -1%. It is showing that local consumers are starting to feel the pressure on higher inflation and increasing fuel and food costs. As fears of a global recession is looming, investors are preferring the safe-haven assets like the dollar over riskier assets such as the rand.

The euro has depreciated with 12% in 2022. It has reached a key level for the first time in 20 years – parity with the dollar. This decline is caused by several factors, which include the war in the Ukraine to the energy crisis if Russia cuts off gas exports as well as increasing rates by central banks.

Foreign Exchange Rates

At time of writing:

The Rand traded at 17.0834 versus the dollar.

  • GBP: 20.26
  • Euro: 17.15
  • Gold: 1716 USD
  • Bitcoin: 19 752 USD

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