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 is struggling to recover after reaching the 14.5000 level yesterday. The week started off trading in the low 14.30s but that quickly changed as demand for USD increased and local factors and headlines created reason for concern. The predicted trading range for the rand today is between 14.2000 and 14.7000.
Unrest and violence in the country is causing vaccination sites to close. The markets got some relief in the deployment of the military to assist police in managing the situation. International focus will be on the U.S. CPI data scheduled to be released later today. The inflation data will give an indication of when tapering will come into effect and rate hikes. The likelihood of rate hikes gave support to the dollar in recent weeks.
Gold prices are a bit higher as the dollar slipped slightly in the overnight session ahead of the U.S. inflation data. This has boosted the metal’s appeal for holders of other currencies. Global stocks reached a record low on Monday as investors are worried that the Delta variant of the Covid-19 coronavirus could slow down economic growth.
Foreign Exchange Rates
At time of writing:
- The Rand traded at 14.4916 versus the dollar.
- GBP: 20.08
- Euro: 17.17
- Gold: 1806 USD
- Bitcoin: 33 187 USD