Rand News Update │ Rand holding onto recent 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, or want the latest money transfer news.

The South African has managed to hold onto its recent gains made in yesterday’s session. The local unit was trading in a range of 16.1750 and 16.8875 on the day. The rand is holding steady for the moment because markets are anticipating the outcome of the FOMC. The predicted trading range for the rand today is between 16.5000 and 17.0000.

Market focus this week is on the outcome of the Federal Open Market Committee meeting due tomorrow, and will be followed by the speech of Federal Reserve Chairs Jerome Powell. Locally, markets are focused on President Cyril Ramaphosa’s announcement of new measures to assist Eskom and the electricity supply issues in South Africa.

Gold prices are slightly higher as the dollar weakens. Investors are also wary of making big deals ahead of a possible U.S. interest rate increase by the Federal Reserve.

At time of writing:

Foreign Exchange Rates

The Rand traded at 16.7526 versus the dollar.

  • GBP: 20.12
  • Euro: 17.05
  • Gold: 1720 USD
  • Bitcoin: 21 130 USD

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