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Rand News Update │ Rand managed slight recovery

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 a slight recovery in the overnight session. The local unit reached a high of 19.2175 during yesterday’s session, which marks the lowest point since early October 2023. The predicted trading range for the rand today is between 18.9500 to 19.3500.


Precious metal prices decreased as the South African Reserve Bank reduced it hopes of interest rate cuts early in the year. Analysts are anticipating that rates will remain unchanged as inflation remain high.


The ongoing geopolitical tensions is causing risk aversion in global financial markets to increase, which in turn weakens emerging markets currencies such as the rand. The short term look out for the rand suggest that the USD/ZAR pair has for now moved away from the 19.20 mark and could trace back towards a level of 19.00.

  

 Foreign Exchange Rates

At time of writing:

The Rand traded at 19.0515 versus the dollar.

  • GBP: 24.27

  • Euro: 20.79

  • Gold: 2036 USD

  • Bitcoin: 39 978 USD

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