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 comfortably under a level of 18.00, although it reached a high of 18.2050 on the day. When the USD shows any signs of strength, it dampens the local unit’s gains. The predicted trading range for the rand today is between 17.8000 to 18.3000.
The South African Reserve Bank has increased the interest rates in each of its last 10 monetary policy meetings. The raised rates are an effort to lower inflation back to target. This hiking cycle started over two years ago in November 2021.
The current USD/ZAR trend is leaning towards favouring the rand, but the trading ranges will be limited. At this morning’s open, the rand traded 0.3% stronger than its previous close against the dollar.
Foreign Exchange Rates
At time of writing:
The Rand traded at 17.9500 versus the dollar.
GBP: 23.46
Euro: 20.16
Gold: 1962 USD
Bitcoin: 30 032 USD
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