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 to make some gains during yesterday’s session. After it opened at a level above 19.00, the local unit slowly drift lower to close the session at a level of 18.84. The predicted trading range for the rand today is between 18.7000 to 19.0000.
The Federal Reserve suggested that rate cuts won’t be as aggressive as expected. This news will possibly put pressure on most emerging market currencies that will struggle to recover this year’s losses. The rand is one of the most dollar sensitive emerging market currencies.
As South African just experienced an increase in petrol price, we are in for a prolonged period of rising cost of living as the prices of petrol is set to increase again in March. Finance Minister, Enoch Godongwana, said the increase in general fuel levy to strengthen the government’s failing revenue collection.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.8389 versus the dollar.
Gold: 2034 USD
Bitcoin: 42 875 USD