Rand News Update │ Rand is showing some strength

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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 showing some strength trading in the 14.20s as the USD momentum slows down. Many currencies found support yesterday as the USD dipped. The local vaccination programme which is progressing at a slow rate and the increasing number of infections are also putting a damper on the rand. The predicted trading range for the rand today is between 14.0000 and 14.5000.

The U.S. Federal Reserve Chair Jerome Powell is due to appear before Congress today. Investors are expecting clarity on the outlook for U.S. monetary policy, labour market improvement and increase in inflation. Other factors that could also influence the rand today is the South African Reserve Bank’s publication today on composite leading business cycle indicator. This measures the outlook for Africa’s most industrialised economy.

More countries have announced its interest in Covid booster shots within a year of receiving the vaccine. Last month the U.K. started with the Cov-Boost study which is studying the use of seven different Covid-19 vaccines when given as a third dose. As we do not yet know how long any of the Covid-19 vaccine immunity will last, there is a lot of questions whether a third dose of vaccine is needed.

Foreign Exchange Rates

At time of writing:

  • The Rand traded at 14.2771 versus the dollar.
  • GBP: 19.83
  • Euro: 17.00
  • Gold: 1780 USD
  • Bitcoin: 32 785 USD

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