Rand News Update │ Rand reached high of 16.60 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 lost gains made in yesterday’s session to trade at a level of 16.6000. The recent geopolitical tension between the U.S. and China caused a volatile reaction in the market. The predicted trading range for the rand today is between 16.6000 and 16.7000.

In the overnight session the local unit spiked to a high of 16.8375. This was because the Federal Reserve speakers announced it support towards the continuation of the aggressive rate increases to limit high inflation.

Oil prices has declined with about 1% on Wednesday, ahead of the Opec+ producers. There are growing concerns of lower fuel demand as the global growth are also slowing down.

Foreign Exchange Rates

At time of writing:

The Rand traded at 16.7249 versus the dollar.

  • GBP: 20.35
  • Euro: 17.04
  • Gold: 1765 USD
  • Bitcoin: 23 390 USD

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