Rand News Update │ Rand under pressure

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, or want the latest money transfer news.

The South African rand is trading with caution ahead of the South African Reserve Bank meeting today. Expectations are that there will be a 50-basis point rate increase. The local unit has decreased 14% since 9th of June, but for the rand to gain support the U.S. Federal Reserve would have to move their rate with 75-basis points. The predicted trading range for the rand today is between 16.9000 and 17.4000.

South Africa’s economy and growth is in a vulnerable state and highly susceptible to risks relating to recession. The U.S. Federal Reserve might be under pressure to make another aggressive decision regarding the rates to keep the inflation under control. SARB will most likely follow the trend to keep the gap between South Africa and developed markets stable.

Foreign Exchange Rates

At time of writing:

The Rand traded at 17.2294 versus the dollar.

  • GBP: 20.55
  • Euro: 17.55
  • Gold: 1687 USD
  • Bitcoin: 22 853 USD

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