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 traded significantly firmer in yesterday’s session, inching closer to level below 18.0000. The local unit traded in a range of 18.4325 to 18.1750 in yesterday’s session. The rand was trading above 19.00 only a week ago. The predicted trading range for the rand today is between 17.9000 to 18.4000.
After the US CPI data release, the greenback suffered a big sell off. Markets are expecting that the Federal Reserve will only have to raise interest rates only once more this year.
The South African Reserve Bank is scheduled to meet next week, where they will decide if another interest rate hike ins necessary or not. Economists are speculating that SARB will keep rates at 8.25%.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.0055 versus the dollar.
Gold: 1960 USD
Bitcoin: 30 384 USD