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Rand News Update │ Rand shot back up to level of 19.00

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 above levels of 19.0000. In yesterday’s trading session the local unit traded in a range of 19.7625 to a high of 19.1000. During the overnight session the rand weakened even more. The predicted trading range for the rand today is between 18.9000 to 19.4000.

The high loadshedding stages is weighing heavy on the country’s economic outlook. Some households are experiencing up to 12 hours of power cuts. Local market focus for today is the second quarter gross domestic product data to be released. Analysts are predicting a 0.1% quarter-on-quarter GDP growth.

Consumers need to tighten their belts even more as the petrol price is increasing on Wednesday. Both 93 and 95 unleaded will be increased by R1.71 per litre. The wholesale price of diesel is going up with R2.84 per litre. This is the highest levels we’ve seen since August 2022.

Foreign Exchange Rates

At time of writing:

The Rand traded at 19.1880 versus the dollar.

  • GBP: 24.05

  • Euro: 20.62

  • Gold: 1932 USD

  • Bitcoin: 25 683 USD

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