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 trading strong at a 14.3000 level. The rand has not shown any definite up or down trend this past week as there has been a limited trading range. Local influences come from the ANC suspending their secretary general yesterday and as wage negotiations between Eskom and trade unions continue. The predicted trading range for the rand today is between 14.2000 and 14.7000.
Emerging markets currencies are showing limited trading as markets have no obvious guidance ahead of tomorrow’s U.S. Non-farm payrolls report being released. Talks of U.S. interest rates being increased has boosted high-yielding assets like the rand this week.
Investors’ attention is on Moody’s who is scheduled to review the country’s sovereign credit tomorrow. South Africa is already assigned a “junk” status and with the current negative outlook there is a possibility for a further downgrade.
On Wednesday, the U.S. announced that it is supporting the temporarily suspension of intellectual property protection for Covid-19 vaccines. This is to allow more countries to get fair access to vaccines. South Africa, along with 58 other World Trade Organisation members have co-sponsored a proposal for temporary waiver from specific requirements of the Trade Related Aspects of Intellectual Property Rights agreement. If this waiver is implemented, it will help countries to creates their own vaccine for Covid-19.
At time of writing:
- The Rand traded at 14.3185 versus the dollar.
- GBP: 19.91
- Euro: 17.21
- Gold: 1792 USD
- Bitcoin: 56 909 USD