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 trading mostly sideways, as it was moving between levels of 18.50 to 18.60 during most of yesterday’s session. The local unit reached its best level of 18.4800 yesterday. The predicted trading range for the rand today is between 18.2500 to 18.7500.
The rand has been very volatile since last week when Fed Chair Jerome Powell said that the U.S. central bank will possibly have to increase rates even more. One factor that is currently helping the rand strengthen is the decline in U.S Treasury yields from the previous week’s highs.
There are various local data releases scheduled for today and tomorrow, which will give insight to the country’s economic performance for the third quarter. On Friday we can expect the U.S. non-farm payrolls data which will cause some movement in the markets.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.5671 versus the dollar.
Gold: 1936 USD
Bitcoin: 27 435 USD