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 inching its way back up towards the 18.00 level. On Friday the local unit reached a high of 18.0750 after which it recovered back towards 17.9500. The predicted trading range for the rand today is between 17.7500 to 18.2500.
Market focus this week will be on the U.S. Federal Reserve rate announcement on Wednesday along with a European Central Bank one on Thursday. The rand will possibly trade weaker in the coming week, as the greenback is posting gains and emerging markets are experiencing weakness.
The increasing interest rates have reduced investments and supported the USD. Resulting in dollar-denominated commodities being more expensive for other currency customers.
Foreign Exchange Rates
At time of writing:
The Rand traded at 17.9855 versus the dollar.
Gold: 1964 USD
Bitcoin: 29 748 USD