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 heading to a level of 18.7000. Yesterday the local unit reached its highest level of 18.5750. On Monday the ZAR opened the week at a level of 18.1300, after which it quickly weakened to its current levels. The predicted trading range for the rand today is between 18.4000 to 18.9000.
The rand, along with its emerging market currency peers is very susceptible to global drivers such as U.S. monetary policy and the USD dollar. There are little local economic data factors influencing the ZAR’s momentum.
The South African Reserve Bank’s next meeting is in July, and there is still a possibility of rate hikes of 25 basis points. As we are experiencing lesser loadshedding stages, Eskom’s future is still not out of the woods.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.6900 versus the dollar.
GBP: 23.76
Euro: 20.77
Gold: 1918 USD
Bitcoin: 30 075 USD
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