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 in a negative territory as its currently at levels above 18.3000. the local unit suffered magnificent weakness after yesterday’s close at 18.2500. The rand has declined with about 50cents from yesterday’s low level of 17.8650 to today’s level of 18.3500. The predicted trading range for the rand today is between 18.1500 to 18.6500.
Rating Agency Fitch have downgraded the United States’ AAA to AA+ credit rating. Immediate effects from this were an increase of gold prices as interest spiked for the safe-have bullion. Another side effect is that risk-off sentiment grew over concerns about global economic growth.
Although the fuel price increased in South Africa, it is a sign of inflation reducing. The weakness of the rand can also be because of a normal correction in the trading trend.
Foreign Exchange Rate
At time of writing:
The Rand traded at 18.3730 versus the dollar.
Gold: 1950 USD
Bitcoin: 29 536 USD