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 above 14.1000 level as the foreign exchange markets battled to make a definite move in either direction as local media headlines is still focusing on union wage demands and the continuing power struggle inside the ruling party. The shortage of fluidity will most probably carry on throughout the weekend, it is recommended to be cautious. The predicted trading range for the rand today is between 14.0000 and 14.5000.
Some gains in the rand are supported by lower rates, a spike in global commodity prices and indications that the local economy is on track for a good recovery. Economists are predicting that South Africa’s Reserve Bank will keep its repo rate unchanged at 3.5% in their scheduled meeting next week.
Oil prices decreased on Friday after sliding down 3% the day before, as coronavirus cases remain high in India, being a major oil consumer, and the key fuel pipeline in the U.S. opened again after being shut down after the cyber-attack.
At time of writing:
- The Rand traded at 14.1409 versus the dollar.
- GBP: 19.88
- Euro: 17.13
- Gold: 1834 USD
- Bitcoin: 50 014 USD