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 reached a high of 19.10 during yesterday’s session after it opened the day at 18.94. The U.S. dollar is near its highest since middle November, which in turn is causing commodities to be less attractive for buyers. The predicted trading range for the rand today is between 18.8500 to 19.2500.
Investors will use President Cyril Ramaphosa’s State of the Nation Address on Thursday to see what he offers as solutions to assist in the ongoing loadshedding crisis and rail and port problems. These issues have damaged the country’s economy significantly.
Comments from Federal Reserve Chair Jerome Powell’s speech yesterday, suggested that chances of a rate cut in March is declining. Gold prices are also decreasing as the dollar is strengthening.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.9533 versus the dollar.
Gold: 2026 USD
Bitcoin: 42 744 USD