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Rand News Update │ Rand slightly higher at start of new week

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 slightly higher at the start of this week, after it reached it best level of 18.55 during Friday’s session. The predicted trading range for the rand today is between 18.3500 to 18.8500.

The local unit is very susceptible to global macro developments and has gained about 2% against the USD last week. London markets are closed today, which will contribute to some liquidity in the markets. Federal Reserve Chair Powell recognised that progress has been made in regard to inflation, but no indication was made to whether the Fed will slow down the interest rate or not.

Local market focus this week will be on July money supply, private sector credit and budget numbers on Wednesday. On Thursday we can expect July producer inflation and trade figures.

Foreign Exchange Rates

At time of writing:

The Rand traded at 18.7210 versus the dollar.

  • GBP: 23.53

  • Euro: 20.22

  • Gold: 1914 USD

  • Bitcoin: 25 935 USD

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