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 well on Monday as it moves closer to the 14.0000 level. The rand was boosted on Friday after the U.S. released poor jobs data. The rand is managing to hold onto its gains made on Friday, with the next level to reach being 14.0000. Short-term technical indicators are suggesting the rand has a potential for a price bounce. The predicted trading range for the rand today is between 13.8000 and 14.3000.
The last time the rand traded so well was in January 2020 when it reached its best level of 13.9320. The positive trend comes after rating agency Moody’s decided to skip a scheduled review on Friday.
Stocks increased on Monday as rumours suggested that interest rates will stay low because of pressure subsiding on inflation. Oil and gas prices increased on Monday after the U.S. government issued and emergency legislation on Sunday after the Colonial Pipeline was hit by a ransomware cyber-attack.
At time of writing:
- The Rand traded at 14.0140 versus the dollar.
- GBP: 19.72
- Euro: 17.02
- Gold: 1834 USD
- Bitcoin: 58 396 USD