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 weakened significantly on Friday afternoon to trade back toward 19.00. The U.S. jobs report released on Friday delivered some positive data and gave the dollar a boost. The predicted trading range for the rand today is between 18.7000 to 19.1500.
Local market focus this week will be on the purchasing managers’ index for January due later today and President Cyril Ramaphosa’s State of the Nation Address on Thursday.
Global market focus will shift to some of the FOMC members due to speak this week. Analysts will use this data to gauge whether interest rates will be cut in March or not.
South Africans can brace themselves for fuel price increases on Wednesday. After three months of a steady decline of fuel prices. Diesel user can expect a 73cents per litre increase and petrol users can expect a 75cents per litre increase.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.9742 versus the dollar.
Gold: 2022 USD
Bitcoin: 43 002 USD