Rand News Update │ Rand showing more gains

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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 showing more gains as it was boosted by the USD selling interest. The rand reached its best level of 14.2075 yesterday and even better position at 14.1875 during the overnight session. The rand showed incredible strength this week as it started off trading at 14.5000 level. The market is anticipating data releases from the US this afternoon and the recent level for the rand is in support of USD buyers.  The predicted trading range for the rand today is between 13.9500 and 14.4500.

The 14.15000 level is still a target for the rand, it will be tested over the weekend if outlook continue as is. A break below 14.0000 is also a possibility but a temporary rebound of the USD is possible.

In the last 24 hours in South Africa a total of 2149 new coronavirus cases have been identified with 63 fatalities. The country’s recovery rate is staying stable at 95%. Health Minister, Zweli Mkhize has announced that in the past two weeks there have been a significant increase of numbers detected in various districts.

https://sacoronavirus.co.za/2021/05/06/update-on-covid-19-06th-may-2021/

At time of writing:

  • The Rand traded at 14.2450 versus the dollar.
  • GBP: 19.83
  • Euro: 17.19
  • Gold: 1819 USD
  • Bitcoin: 55 825 USD

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