Rand News Update │ Rand retreats to 14.30 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 retreated yesterday as it neared the end of the session trading in the 14.3000 level. The rand came under pressure because of activity in U.S. Treasuries and little movement in the markets. The rand reached a high of 14.4150 yesterday but recovered slightly this morning. Markets will be cautious ahead of the Federal Reserve’s meeting minutes release today.

Investors will look closely to the Fed’s minutes for further indications to when the U.S. interest rates might increase. If there are any indications of an increase it will pose damage to emerging market currencies like the rand.

According to the Bureau for Economic Research, the adjusted level four lockdown regulations are like to be extended. South Africa’s third wave of Covid-19 infections is becoming much more serious than the previous two waves and the country’s hospitals are struggling to keep up. The UIF TERS scheme has been reactivated which provides some indications that the lockdown will be extended.

Foreign Exchange Rates

At time of writing:

  • The Rand traded at 14.3391 versus the dollar.
  • GBP: 19.80
  • Euro: 16.96
  • Gold: 1805 USD
  • Bitcoin: 34 849 USD

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