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 improved to trade below a level of 19.00 by the time of close at yesterday’s session. The dollar’s weakness can be accredited to no direction and the uncertainty ahead of the SARB’s policy update tomorrow.
Global market focus is on the fourth quarter U.S. gross domestic product data due on Thursday. Analysts are expecting the see an economic slowdown of 4.9% to 2.0%. Other market focus to look at this week is the European Central Bank monetary policy update on Thursday. Expectations are that main policy rates will remain in hold through much of the first quarter of 2024.
Bitcoin prices decreased after the U.S. approved first spot bitcoin exchange traded fund (EFT). Bitcoin is the world’s largest cryptocurrency. It dropped with 20.6% yesterday to $38 900 after a three year high of $49 000 in January.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.9340 versus the dollar.
Gold: 2028 USD
Bitcoin: 39 975 USD