Rand News Update │ Rand stable below 14.50 level

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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 is fairing stable below a 14.5000 level. Although the rand reached a high of 14.5475 yesterday it recovered slightly to open today’s session in the mid-14.40s. There have been no major moves in the foreign exchange markets as the United States Non-Payrolls data is expected on Friday. The predicted trading range for the rand today is between 14.2500 and 14.7500.

The increase in oil prices is supported by the Covid-19 vaccine rollouts in the U.S. and Europe. Energy demand is in a positive position as lockdown restrictions are being relaxed in some parts of the U.S. and the U.K. which is helping with the lower demand from India and Japan. The upcoming summer driving season in the northern hemisphere might just further boost the fuel demand and favour oil prices.

Asian shares suffered another day of decline as U.S. stock futures stabalised and large-cap tech favourites retreated. Gold prices climbed slightly as the dollar declined. Gains were supported by U.S. Treasury Secretary Janet Yellen announced that interest might need to be increased.

At time of writing:

  • The Rand traded at 14.4733 versus the dollar.
  • GBP: 20.11
  • Euro: 17.35
  • Gold: 1778 USD
  • Bitcoin: 54 595 USD

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