Rand News Update │ Rand recover after overnight spike

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 recovered to its previous day’s levels after we saw it spike to a high of 16.9125 in the overnight session. Selling interest of the USD was close to 17.0000, but the short-term technical support level of 16.3000 is still in reach. The predicted trading range for the rand today is between 16.5000 and 17.0000.

The sudden increase in the rand was cause by the strong dollar. This was because of U.S. House Speaker Nancy Pelosi’s visit to Taiwan. Some traders use the ZAR as an indicator for all emerging market risk, as it’s a very sensitive currency which is influenced by global factors.

The Bank of England has announced it is considering increasing interest rates by more than 50 basis points as it is also struggling with rising inflation.

Foreign Exchange Rates

At time of writing:

The Rand traded at 16.7741 versus the dollar.

  • GBP: 20.39
  • Euro: 17.08
  • Gold: 1778 USD
  • Bitcoin: 22 841 USD

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

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