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 managed to gain in yesterday’s session to a level of 18.2000 to reach its best level of 18.2500. After the FOMC announcement the local unit reached a high of 18.4150. The predicted trading range for the rand today is between 18.2500 to 18.7500.
We have a public holiday in South Africa on Friday, the local unit is likely to eliminate exposure to market risk. Any strength in the rand will probably be limited to today’s session. Global market focus will be on the European Central Bank meeting due later today.
The outcome of the FOMC concluded to the Federal Reserve deciding to keep the interest rates unchanged, although there will be hikes later in the year.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.3846 versus the dollar.
Gold: 1935 USD
Bitcoin: 24 882 USD