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 below levels of 18.70 after it gained 1.7% on Wednesday. The improvement came after July inflation data came in lower than expected and the dollar weakened. The predicted trading range for the rand today is between 18.2000 to 18.7000.
Today is the last day of the BRICS summit, and President Cyril Ramaphosa is scheduled to address the media on the outcomes of the summit. More than 40 countries have said they are interested to join BRICS. Out of the 40 countries, 22 have formally submitted requests to join.
Market focus today is on the Jackson Hole Symposium which started today. Federal Reserve Chair Jeremy Powell is scheduled to speak tomorrow, where he will give some more insight into prospective monetary policy.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.6032 versus the dollar.
Gold: 1920 USD
Bitcoin: 26 480 USD