Rand News Update │ Rand in strong position

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 in a stronger position as the dollar is trading marginally weaker. The new month started on a good foot as the local unit traded around 16.66. Yesterday the local unit reached its best level of 16.4150 but struggled to hold onto its gains. This morning it opened at a level of 16.5600. The predicted trading range for the rand today is between 16.3500 and 16.7000.

The rand is currently in a volatile state as its very sensitive to any major global changes. Although the ZAR has found support after the comforting statement on interest rates increases from the Federal Reserve.

The African National Congress has once again suggested that the central bank should be nationalised. The proposal was first tabled in 2017, to move it into a full state ownership. President Cyril Ramaphosa is alleged to be against any changes in the bank’s authority.

Foreign Exchange Rates

At time of writing:

The Rand traded at 16.5528 versus the dollar.

  • GBP: 20.21
  • Euro: 16.94
  • Gold: 1775 USD
  • Bitcoin: 22 730 USD

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

Share This Post

Share on facebook
Share on linkedin
Share on twitter
Share on email

We Would Love To Hear From You!

More To Explore