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 recovered to a level in the 19.30s on Monday. In Friday’s session we saw the local unit reach its best level of 19.41 for the day. The U.S. jobs data produced on Friday delivered higher than expected numbers. The predicted trading range for the rand today is between 19.3500 to 19.8500.
May 2023 was the worst month for the rand since April 2022. The ongoing power cuts, political friction with the U.S. and concerns over the U.S. debt ceiling was influencing the rand’s performance.
Local market focus this week will be on the May S&P Global South Africa Purchasing Managers Index (PMI) due today. Tomorrow investors will look at the country’s first quarter GDP figures.
Foreign Exchange Rates
At time of writing:
The Rand traded at 19.5273 versus the dollar.
Gold: 1979 USD
Bitcoin: 27 180 USD