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 started the new month trading in the 14.3000 level. Yesterday the rand reached its best level of 14.21 but it only lasted briefly and quickly moved back to trade in the high 14.20s. Even though the rand is trading weaker this week it is showing some resilience, despite the continuing increase in Covid-19 infections. The foreign exchange markets will continue to trade cautiously ahead of the U.S. data tomorrow. The predicted trading range for the rand today is between 14.1500 and 14.5500.
Investors are worried about the Delta variant of Covid-19 spreading globally, which has forced some countries to enforce stricter lockdown restrictions. Investors are also waiting on the U.S. non-farm payrolls which is due on Friday. This data will give better outlook on the Federal Reserve’s next move. The rand will grow well if U.S. interest rates stay low and will be boosted from the interest rate differential that increases their appeal for carry trade.
Oil prices increased on Thursday, as investors wait on a decision from key producers on whether they would continue or ease supply cuts in the second half of the year. The rapid spread of the Delta virus is causing concern that demand may weaken.
Foreign Exchange Rates
At time of writing:
- The Rand traded at 14.2600 versus the dollar.
- GBP: 19.71
- Euro: 16.89
- Gold: 1776 USD
- Bitcoin: 33 604 USD