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 in a volatile trading range, as we saw it trading at a best level of 17.5250 and highest level of 17.70 in yesterday’s session. The predicted trading range for the rand today is between 17.4000 to 17.8500.
The local until has made a very good recovery since it traded above a 19.00 level earlier this month. The rand has also reached its best level of 17.5000 during the month of June. The improved level of the rand will create some attraction for USD buying.
Market focus today will be on the Federal Reserve interest rate decision. Majority is leaning towards a 25-basis point hike. If the Fed’s outlook is hawkish, this will support the dollar and leave the rand exposed.
Foreign Exchange Rates
At time of writing:
The Rand traded at 17.6825 versus the dollar.
GBP: 22.84
Euro: 19.58
Gold: 1971 USD
Bitcoin: 29 178 USD
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