Rand News Update │ Rand trading weaker as USD in high demand

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We publish this daily rand news update of the rand to dollar rates and factors that influence foreign exchange markets, to help you make better decisions whether you send money, receive money or want the latest money transfer news.

The South African rand is trading marginally weaker as the USD is in high demand. The rand reached its high of 14.5175 on Friday with little movement over the weekend opening in the 14.40s on Monday. Markets are suggesting the rand will trade weaker in today’s session but with limited activity as the UK is on holiday today. The rand lost its drive as investors are concerned about local economic growth. The predicted trading range for the rand today is between 14.3000 and 14.8000.

Globally more than 1 billion vaccine dosed have already been distributed and the production of vaccines are increasing. Covid-19 infection numbers are decreasing around the world, with India being an exception. The U.S., U.K. and Israel are in the forefronts of vaccination efforts.

Asian share markets have little movement on Monday as China and Japan have holidays. Gold prices increased on Monday as a move back in U.S. Treasury yields and concerns over rising Covid-19 cases in some countries supported the metal’s demand.

At time of writing:

  • The Rand traded at 14.4635 versus the dollar.
  • GBP: 20.02
  • Euro: 17.41
  • Gold: 1775 USD
  • Bitcoin: 58 677 USD

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