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 continues to hover above a level of 19.00. The local unit started the trading session on Friday at a level of 18.90, but quickly lost ground to reach a high of 19.0750 by the time of close. The predicted trading range for the rand today is between 18.9000 to 19.3000.
Local market focus this week is on the South African Reserve Bank monetary policy committee scheduled to meet on Thursday. This will be the central bank’s first-rate decision of the year. SARB Governor, Lestja Kganyago said that inflation need to decrease to a sustainable 4.5% before any rate cuts will be considered. The consumer inflation was at 5.5% in November and is expected be an average of 5% in 2024.
Global market focus to keep an eye on is the U.S. PMI report due on Wednesday, fourth-quarter advance GDP estimates due on Thursday and personal consumption expenditures data on Friday.
At time of writing:
The Rand traded at 19.0988 versus the dollar.
Gold: 2023 USD
Bitcoin: 41 089 USD