Rand News Update │ Rand retreating as local protests intensify

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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 is retreating s local protests in KwaZulu Natal is intensifying. The rand reached its lowest level on Friday at 14.1500 but it did not last very long and closed at the low 14.20s. Erratic and violent protests started after former president Jacob Zuma was jailed on contempt of court charges. As a result of the unrest in the country the rand is the worst performer amongst the emerging market currencies. The predicted trading range for the rand today is between 14.2000 and 14.7000.

Last night, President Cyril Ramaphosa extended the country’s level 4 lockdown with another two weeks on Sunday. The same restrictions will be in place regarding gatherings, curfew, and alcohol sales. Some restrictions that have been lifted is that restaurants and eateries can operate under struct health protocols. Gyms and fitness centres are also allowed to open back up again.

South Africa’s vaccine roll out has been slow, with only 4.2 million doses administered for a population of 60 million people. Health officials are pushing to increase daily vaccinations to at least 300 000 by the end of August. President Ramaphosa has also announced that African Union and European Union had agreed on an agreement for local pharmaceutical company Aspen to produce more that 17 million Johnson & Johnson vaccine dosed to South Africa and other African countries over the next couple of months.

Foreign Exchange Rates

At time of writing:

  • The Rand traded at 14.3221 versus the dollar.
  • GBP: 19.87
  • Euro: 17.01
  • Gold: 1804 USD
  • Bitcoin: 34 347 USD

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