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 has managed to make some improvement in yesterday’s session to reach its best level of 18.6150. The predicted trading range for the rand today is between 18.3500 to 18.8500.
The local unit is one of the best performing emerging market currency since the weekend, but still has some room to improve. The USD is currently in an overvalued territory which could help to provide some support for the rand.
Recent data released are showing that investors are pricing in around 95 basis points of Federal Reserve rate cuts from the January 2024 meeting into the end of next year. There are no local data due for today, although markets will be focusing on the U.S. consumer confidence data due later.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.7002 versus the dollar.
GBP: 23.59
Euro: 20.46
Gold: 2013 USD
Bitcoin: 37 113 USD
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