We publish this daily rand news update of the rand to dollar rates and factors which influence foreign exchange markets, which can help you make better decisions whether you send money, receive money, or want the latest money transfer news.
The South African rand is trading cautiously as local factors influence the currency. Yesterday’s session was mostly dictated by demand for USD, which caused the rand to trade somewhat weaker. It reached its highest of 14.2770 in yesterday’s session. The predicted trading range for the rand today is between 14.1000 and 14.5000.
As expected, the rand saw some pressure after the president’s stricter lockdown regulations announced on Sunday evening. Local market focus for today will be on the outcome of a constitutional court decision regarding former President Zuma. International focus for this week will be on the U.S. data to be released on Friday.
The global fears over the highly infections Delta coronavirus variant is causing worry in market sentiment. South Africa has started with its 14 days of level 4 lockdown Covid-19 restrictions. The country is the worst-hit on the African continent in terms of recorded cases and deaths.
Foreign Exchange Rates
At time of writing:
- The Rand traded at 14.3370 versus the dollar.
- GBP: 19.85
- Euro: 17.06
- Gold: 1768 USD
- Bitcoin: 35 115 USD