Rand News Update │ Rand recovers to trade in 14.20s level

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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 recovers to trade in the 14.2000 level after trading in the high 14.40s on Friday. The rand reached a high of 14.5200 on the day. U.S. unemployment data released on Friday showed a disappointment unemployment rate which made the USD retreat, and the rand recover. The predicted trading range for the rand today is between 14.100 and 14.5000.

The rand has gained some ground, and currently trading above the short-term technical support level around 14.2000. With a public holiday in the U.S., market activity will likely be vigilant today. Analysts said that the data released on Friday from the U.S. shows the country’s economy is on the right track but with no expected huge spike inflation. Predictions of increasing interest rate provide support to the dollar.

As of Sunday, 4 July 2021, there have been 16 585 new coronavirus cases identified in South Africa. This represents a positivity rate of 30.2%. An additional 333 Covid-19 related death have been reported, which brings the total fatalities to 61 840. In positive news, the country has reached the 3 million milestone of vaccination administered, with a total of 3 314 278.

Foreign Exchange Rates

At time of writing:

  • The Rand traded at 14.2641 versus the dollar.
  • GBP: 19.75
  • Euro: 16.93
  • Gold: 1792 USD
  • Bitcoin: 34 239 USD

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