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Rand News Update │ Rand lost recent gains

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 did not manage to hold onto its recent gains made. And is trading at a level of 18.0000. In yesterday’s session the local unit reached its best level of 17.7325 on the day. The predicted trading range for the rand today is between 17.8000 to 18.3000.

After the SARB MPC decision yesterday to leave the interest rates unchanged, the local unit lost ground and quickly reached a high of 18.0000. The degree of its recent gains, suggest that it will be limited as we approach the weekend.

The South African Reserve Bank Governor, Lesetja Kganyago, said that the Reserve’s Bank hiking cycle is not done yet. SARB is ready to jump into action should the economy encounter any risks.

Foreign Exchange Rates

At time of writing:

The Rand traded at 18.0480 versus the dollar.

  • GBP: 23.21

  • Euro: 20.08

  • Gold: 1963 USD

  • Bitcoin: 29 801 USD

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