Rand News Update │ Rand losing some grounds

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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 has lost some ground late yesterday afternoon. It is trading now some what stable in the low 14.4000 level. Yesterday the rand traded in a range of 14.2500 to 14.4100. The short-term technical support is around the 14.2000 level, but any recovery for the local unit will be for a very limited period. The predicted trading range for the rand today is between 14.1500 and 14.5500.

Market conditions are not quite favourable for the rand as the demand for the USD increases. The U.S. Federal Reserve’s latest meeting verified that the world’s biggest central bank is leaning towards lowering its asset purchases as early as this year.

In local political news, former President Jacob Zuma handed himself over to police last night to begin his 15 months. This jail sentence is for contempt of court over his refusal to appear before the state capture commission.

Ahead of the Olympic Games scheduled to start on the 23rd of July, Tokyo is expected to announce a state of emergency as Covid-19 cases surges. There is also a possibility that few or even no spectators will be allowed. Some of the restrictions include limiting alcohol sales and forcing restaurants to close early.

Foreign Exchange Rates

At time of writing:

  • The Rand traded at 14.3861 versus the dollar.
  • GBP: 19.82
  • Euro: 16.99
  • Gold: 1807 USD
  • Bitcoin: 32 479 USD

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