Rand News Update │ Rand volatile ahead of FOMC

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 very volatile ahead of the Federal Open Market Committee meeting due later today. The scheduled meeting will only take place after closing of local market. The predicted trading range for the rand today is between 16.6000 and 17.1000.

The local unit got some support during yesterday’s session but with the stronger USD it retreated again. The rand’s spread came very close to 17.0000 after it reached its best level below 16.7000.

Traders will keep a close eye on the outcome of the FOMC meeting. Focus will be on the decision by the U.S. Federal reserve on the possible interest rate increases as the economic growth is slowing down.

Foreign Exchange Rates

At time of writing:

The Rand traded at 16.8401 versus the dollar.

  • GBP: 20.32
  • Euro: 17.08
  • Gold: 1723 USD
  • Bitcoin: 21 306 USD

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

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