Rand News Update │ Rand recovered to 16.70 level

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 has managed to recover to a level of 16.7000. The improvement of the rand comes after the larger-than-expected rate increase from SARB last week. The next technical level is a lower level of 16.3000. The predicted trading range for the rand today is between 16.6000 and 17.1000.

The local unit broke below the 17.0000 level in late last week, sitting steady at 16.8000. There has not been a lot more movement which indicates the rand lost some momentum. The Federal Reserve is due to meet on Wednesday, which will create volatility within the foreign exchange markets.

There are many developing economies still struggling to fully recover from the pandemic. Global economic conditions are still unstable, whilst the war in Ukraine is causing delays on productions trades such as energy, food, and other commodities.

Foreign Exchange Rates

At time of writing:

The Rand traded at 16.7432 versus the dollar.

  • GBP: 20.17
  • Euro: 17.15
  • Gold: 1732 USD
  • Bitcoin: 21 981 USD

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

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