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Rand News Update │ Rand squarely on backfoot

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 on the backfoot, after it reached a high of 18.7600 in Friday’s session. The local unit weakened throughout the whole of last week, which will cause the market to trade with caution today. The predicted trading range for the rand today is between 18.5000 to 19.0000.

Global oil prices are slightly higher after concerns of Russian stability. Investors are also keeping a close eye on the effects of the abandoned weekend uprising in Russia. The Wagner mercenary group withdrew from Rostov after a deal was made with President Putin.

There is no market focus for today, but later this week we can expect Eurozone CPI and U.S. PCE core inflation statistics. Local data we can expect on Friday is the money supply, budget balance and trade balance numbers due for release.

Foreign Exchange Rates

At time of writing:

The Rand traded at 18.6363 versus the dollar.

  • GBP: 23.73

  • Euro: 20.29

  • Gold: 1932 USD

  • Bitcoin: 30 405 USD

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