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Rand News Update │ Rand positive with limited 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 is still in a positive territory, but the gains have been limited. In yesterday’s session the local unit traded in a range of 18.7600 to a high of 18.9575, after ending the session at a level of 18.8400. The predicted trading range for the rand today is between 18.5000 to 19.0000.

Local market focus for today will be on the release of May manufacturing output numbers by Statistics South Africa. Expectations are leaning towards more weakness in the year-to-year growth rate and its likely to remain the same.

Standard Chartered is predicting that the value of bitcoin could reach $50 000 in 2023 and $120 000 in 2024. The prediction of the hike in price could push bitcoin “miners” to stockpile more of the supply.

Foreign Exchange Rates

At time of writing:

The Rand traded at 18.6671 versus the dollar.

  • GBP: 24.04

  • Euro: 20.56

  • Gold: 1930 USD

  • Bitcoin: 30 566 USD

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