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 in a positive territory trading at levels below 17.9000. In yesterday’s session the local unit traded between a range of 17.8175 and 17.9850. Markets are likely to trade with caution ahead of the SARB MPC outcome this afternoon. The predicted trading range for the rand today is between 17.7000 to 18.1000.
Local markets will keep a close eye on the main interest rate decision by SARB today. The South African Reserve Bank has been on a rate-hiking trend since September 2021. Majority of the market is leaning towards the rate staying unchanged.
In local news yesterday, President Cyril Ramaphosa announced that Russian President Vladimir Putin will not attend the BRICS summit being held in Johannesburg next month. There was little reaction from the market after this news.
Foreign Exchange Rates
At time of writing:
The Rand traded at 17.7700 versus the dollar.
GBP: 22.94
Euro: 19.92
Gold: 1980 USD
Bitcoin: 30 260 USD
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