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Rand News Update │ Rand trading on the backfoot

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 on the backfoot after it opened the previous session below a level of 18.50. The USD buyers found some new momentum and the local unit traded to a high of 18.7100. The predicted trading range for the rand today is between 18.6000 to 19.1000.

Market focus today will be on Jerome Powell’s speech at the Jackson Hole Symposium for central bankers. Markets will be looking for insights from the Federal Reserve which will give an outlook on future interest rate hikes. The USD rose with about 0.4% against a basket of global currencies, which is set for a monthly increase.

The 2023 BRICS summit has come to an end and with invitation to Saudi Arabia, Argentina, Egypt, Iran, Ethiopia and the UAE to join. BRICS purpose is to unseat the global power status quo. With the new countries added, the group will increase their presence and influence over global oil production.

Foreign Exchange Rates

At time of writing:

The Rand traded at 18.6775 versus the dollar.

  • GBP: 23.50

  • Euro: 20.12

  • Gold: 1913 USD

  • Bitcoin: 26 085 USD

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