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 struggling to hold onto the improvements made yesterday. The rand reached its best level at 13.9650 but could not keep it at that level. That situation was short lived, and the rand moved back above the 14.0000 level as politically driven headlines influenced the rand as well as the vaccination programme not being on par. The predicted trading range for the rand today is between 13.8000 and 14.3000.
Investors are anticipating local manufacturing data, which is due today, as well as U.S. consumer price figures on Wednesday. This will indicate if inflation pressure is increasing. Asian tech stocks declined after a huge selloff on Wall Street, as traders are preparing for the U.S. inflation data to be released. Gold prices are stable ahead of U.S. data being issued later today but support for the metal is also coming from the weaker dollar and a retreat in Treasury yields.
In coronavirus news, the World Health Organisation has reclassified the strain found in India as a “variant of concern” – which specifies that the variant has the “highest public health implications.” Variants of concern are more contagious and cause more severe disease.
At time of writing:
- The Rand traded at 14.0140 versus the dollar.
- GBP: 19.80
- Euro: 17.02
- Gold: 1835 USD
- Bitcoin: 55 821 USD