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Rand News Update │ Rand weaken as USD gains

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 in yesterday’s trades as the USD showed gains. The local unit traded in a range of 18.5600 to a high of 18.7500. By the late afternoon the rand did recover somewhat back down to 18.6400. The predicted trading range for the rand today is between 18.5500 to 18.9000.

The dollar made its strongest moves since early June, after Jerome Powell’s comments on Wednesday. He suggested a possibility of more interest rate hikes when the Federal Reserve meets next month and in September.

Local market focus will be on data released from the South African Reserve Bank. We can expect foreign direct investment and portfolio investment flows for January to March 2023.

Foreign Exchange Rates

At time of writing:

The Rand traded at 18.6835 versus the dollar.

  • GBP: 23.62

  • Euro: 20.40

  • Gold: 1905 USD

  • Bitcoin: 30 440 USD

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