Rand News Update │ Rand showing steady decline

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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 a steady decline as demand is high for the USD. The rand reached a high of 14.3700 in yesterday’s session. The short-term technical support in the rand is currently around 14.1800 level, but any moves towards this level will be blocked by demand for the greenback. The predicted trading range for the rand today is between 14.1500 and 14.6500.

Local data to be released today is private sector credit, budget, and trade data. South Africa’s economic recovery from the global Covid-19 pandemic has been bumpy and stumbling, but one positive take from this has been huge commodity prices which have enhanced the country’s terms of trade.

The Delta variant coronavirus is causing havoc in more countries as it is spreading rapidly. Australia has extended their lockdown and social distancing measures to more regions in the country, with four cities already under hard lockdown. New South Wales state has reported 22 new locally transmitted cases after 30 cases already identified on Sunday.

Countries like India, Indonesia, Malaysia, and Nepal have all encountered a spike in cases recently. Asia is struggling hard against the coronavirus but hopefully with the vaccine distribution picking up in the coming months, it may improve the situation.

Foreign Exchange Rates

At time of writing:

  • The Rand traded at 14.2920 versus the dollar.
  • GBP: 19.76
  • Euro: 17.00
  • Gold: 1754 USD
  • Bitcoin: 35 177 USD

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