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 some stability trading in the mid 14.2000 level during most of yesterday’s session. Due to yesterday’s U.S. market closure, there was very little trading activity yesterday. The rand traded 0.67% stronger that its previous close. The predicted trading range for the rand today is between 14.1500 and 14.5500.
The decrease in the dollar can be attributed to the less-than-positive U.S. labour market figures released last week. Market focus this week will be on minutes from the Federal Reserve’s latest meeting which is due on Wednesday. The rand will have a limited trading range ahead of the Fed’s minutes release. The riskier currencies, such as the rand, gain if U.S. rates stay low because they benefit from the interest rate differential that increases their demand for carry trade.
The price of oil increased and reached its highest level since 2018 after the OPEC+ discussions were cancelled. Investors are expecting that supplies will decrease some what more as global fuel demand recovers from a fall caused by Covid-19.
Foreign Exchange Rates
At time of writing:
- The Rand traded at 14.2305 versus the dollar.
- GBP: 19.72
- Euro: 16.88
- Gold: 1806 USD
- Bitcoin: 34 755 USD