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 fell back to trade just above the 14.0000 level. It touched its weakest level of 14.0387 since May. This was triggered after the U.S. Federal Reserve without warning announced its projections for interest-hikes into 2023. The rand being a riskier currency, grow well when U.S. interest rates remain low.
Asian stocks are now at a third-week low after the U.S. Federal Reserve’s unexpected announcement that they will possibly increase interest rates at a much quicker pace than rumoured. This caused bond yields and the dollar to make a massive jump. The U.S. Federal Reserve’s announcement caused the gold prices to increase as investors took advantage of the decrease in the previous session to by the metal.
In local coronavirus news, Aspen Pharmacare announced that it expects its first locally produced single-shot Johnson & Johnson Covid-19 vaccine for its commercial inoculation drive by next week. The Johnson & Johnson had a major setback in April when the U.S. Food and Drug Administration identified a possible contamination during the production of the vaccine’s drug substance at a U.S. plant.
At time of writing:
- The Rand traded at 14.0474 versus the dollar.
- GBP: 19.64
- Euro: 16.78
- Gold: 1808 USD
- Bitcoin: 39 408 USD