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 closed off November trading on the back foot. Yesterday the local unit started the day at a level of 18.7125, after which it reached a high of 18.9650 for the day. This morning the USD-ZAR pair is trading at levels of 18.80. The predicted trading range for the rand today is between 18.6000 to 19.1000.
International foreign exchange markets saw the USD making good gains across the board at month end. Yesterday’s comments from the Federal Reserve suggested that the interest rate hikes are likely over, but there is still a possibility for increases should inflation not improve.
Local data released yesterday showed that there was an increase in producer inflation, a widening budget deficit and a trade shortfall.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.7547 versus the dollar.
Gold: 2045 USD
Bitcoin: 38 384 USD