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Rand News Update │ Rand gains have been limited

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 gains on Friday have been limited. Today it is trading back above a level of 18.0000. During Friday’s session the local unit reached its best level of 17.9300 on the day, after it reached a high of 18.1700. The predicted trading range for the rand today is between 17.9000 to 18.4000.

The rand managed to gain 4% on the USD during last week’s sessions. Which after it found support from the Federal Reserve announcement saying that it will only increase rates one more time as inflation is decreasing.

Local market focus will be on the releases of local inflation data due on Wednesday and the outcome of the SARB MPC on Thursday. Economist are predicting that the South African Reserve Bank will leave its main interest rates unchanged at 8.25%.

Foreign Exchange Rates

At time of writing:

The Rand traded at 18.0530 versus the dollar.

  • GBP: 23.61

  • Euro: 20.29

  • Gold: 1955 USD

  • Bitcoin: 30 230 USD

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