Rand News Update │ Rand struggling to hold onto gains

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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 struggling to hold onto its recent gains, reaching a high of 14.3750 yesterday. Currently the rand is trading in the 14.20s. The short-term technical indicators recommend that any improvements made by the rand is likely to boost new USD buying interest. The predicted trading range for the rand today is between 14.1000 and 14.5000.

Statistics South Africa will publish the consumer price index today. Economist are predicting it to increase to 5.2% year on year in May from 4.4% in April. This would be the first time the indicator has risen above the midpoint of the central bank’s target range since the pandemic reached the country.

The South African Reserve Bank (SARB) usually try to keep inflation between 3% and 6%. Predictions and surveys are suggesting that SARB will keep its repo rate at 3.5% throughout 2021, standing at their accommodative monetary policy decision.

Foreign Exchange Rates

At time of writing:

  • The Rand traded at 14.1620 versus the dollar.
  • GBP: 19.79
  • Euro: 16.91
  • Gold: 1783 USD
  • Bitcoin: 34 133 USD

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