We publish this daily rand news update of the rand to dollar rates and factors that influence foreign exchange markets, to help you make better decisions whether you send money, receive money, or want the latest money transfer news.
South Africa was somewhat expecting the president’s announcement last night to put the country on lockdown level 4 regulations. The rand traded well on Friday, reaching its best level of 14.0200, but quickly retreated nearing the close of the session. The predicted trading range for the rand today is between 14.0500 and 14.5500.
With the spike in positive cases and the effects of the third wave, the already struggling economy is once again put under pressure which will likely put the rand under pressure too. On Sunday, the country has recorded 157 new deaths in the previous 24-hour cycle which is bringing the national death toll close to 60 000. Some of the level 4 lockdown regulations include:
Asian shares are wary at the beginning of the week, while Chinese markets are steady. An increase in coronavirus cases across China has been recorded over the weekend which is negatively influencing investor sentiment.
Gold prices decrease slightly on Monday, as the dollar showed gains after the U.S. Federal Reserve gave mixed signals on monetary policy restrictions even though inflation data is subdued.
Foreign Exchange Rates
At time of writing:
- The Rand traded at 14.2245 versus the dollar.
- GBP: 19.81
- Euro: 16.98
- Gold: 1784 USD
- Bitcoin: 34 971 USD