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 on course to close this week’s session trading close to a level of 17.0000. In yesterday’s session the local unit reached a high of 17.27000 but managed to achieve some gains after the SARB announcement. The predicted trading range for the rand today is between 16.8500 and 17.3500.
Analysts predicted a 50-bps rate hike by SARB, but we saw a much steeper hike of 75 bps. This is the biggest rate hike South Africa has seen in almost 20 years, this is in order to curb the rising inflation. The ZAR will struggle to stand strong in the current troubling environment as there is possibility of risk-off.
Gold prices are slightly lower as the U.S. dollar showed some improvement. The metal’s demand is also strongly influenced by major central banks efforts to curb inflation.
Foreign Exchange Rates
At time of writing:
The Rand traded at 16.9676 versus the dollar.
- GBP: 20.27
- Euro: 17.20
- Gold: 1723 USD
- Bitcoin: 23 446 USD