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 reach its best level of 17.9000 in yesterday’s session. The local unit continues to trade below a level of 18.0000. As we saw the big moves in yesterday’s session, markets will look to eliminate risk exposure. The predicted trading range for the rand today is between 17.7500 to 18.2500.
The U.S. Producer Price Index data came in weaker than what was expected, after which the USD weakened even more. Speculation are that the Federal Reserve could pause it interest rate hikes after the dollar’s weakness this month. This is the lowest the dollar has been since April 2022.
If the rand carry on with its current trend, the next possible low could be like levels of March 2023, which was just above 17.60. The ZAR managed to gain 5% against the dollar during this week.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.0057 versus the dollar.
Gold: 1957 USD
Bitcoin: 31 210 USD