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 a positive trend as it gained massive support after the FOMC meeting yesterday. In the overnight session the local unit was trading at a level below 16.7000 resulting in at least a 20cent drop in the rate. The predicted trading range for the rand today is between 16.3500 and 16.8500.
The Federal Reserve raised the U.S. interest rates by 75bps. Although Fed Chair Jerome Powell stated that inflation in the U.S. remains too high. The current levels at which the rand is trading now, will be appealing for USD buyers. There is a possibility of a break below 16.6000 which will indicate a further strengthening towards the 16.3000 target.
Local data due today is the June producer price index (PPI) from Statistics South Africa. This information will be used to get some clarity on inflationary pressures for the country.
Foreign Exchange Rates
At time of writing:
The Rand traded at 16.7260 versus the dollar.
- GBP: 20.35
- Euro: 17.07
- Gold: 1746 USD
- Bitcoin: 22 900 USD