Rand News Update │ Rand makes slight recovery

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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 money or want the latest money transfer news.

The South African rand made a small recovery yesterday as the U.S. dollar retreated after Treasury yields declined and economic data showed negative results. The rand has been mostly influenced by risk sentiment in global markets. Investors are anticipating the Moody’s scheduled review on Friday. The country has already been assigned a “junk” status, but concerns are that there would be a further downgrade. The predicted trading range for the rand today is between 14.2500 and 14.7500.

Asian share markets increased on Tuesday as investors are hopeful for economies to reopen around the world and the coronavirus pandemic showing a slow recovery. Gold priced declined after a two-month high due to a slip in the dollar.

In coronavirus news, the World Health Organisation has announced that it has identified seven variant “of interest” and three variants “of concern”. The variants of concern, is the more serious designation, it include the strains identified in the U.K., U.S., South Africa, and Brazil. Locally there have been 897 new Covid-19 cases recorded and 35 more deaths.

At time of writing:

  • The Rand traded at 14.4513 versus the dollar.
  • GBP: 20.03
  • Euro: 17.38
  • Gold: 1785 USD
  • Bitcoin: 56 233 USD

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