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 has once again not been able to hold onto the gains made through out the day after reaching its best level of 13.9525 during the session. The foreign exchange markets were unusually quiet yesterday after last week’s U.S. data that was received. The rand is making small bursts of wins, but as public-section unions continue negotiations with the government, those wins are short lived. The predicted trading range for the rand today is between 13.8500 and 14.3500.
The U.S. consumer price data is scheduled to be released today and investors are waiting to see what impact it will have on inflationary pressure. Concerns are forming that an increase in inflation caused by a surge in commodity prices could result in the Federal Reserve to increase interest rates. Higher U.S. interest negatively affect the demand for currencies like the rand.
As of yesterday, 1548 new coronavirus cases have been identified in South Africa with 71 Covid-19 related deaths. The recovery rate is stable on 95% and the number of health care workers vaccinated under the Sisonke Protocol is on 414 372.
At time of writing:
- The Rand traded at 13.9750 versus the dollar.
- GBP: 19.77
- Euro: 16.97
- Gold: 1836 USD
- Bitcoin: 57 248 USD