Rand News Update │ Rand worsening as unrest escalates

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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 worsening as unrest in KwaZulu Natal, and Johannesburg escalates. USD buyers left their risk positions due to the civil unrest and criminality in the country, which caused the rand to suffer. The rand has reached its highest in three months. The predicted trading range for the rand today is between 14.5000 and 15.0000.

The decline of the rand is also because of better-than-expected U.S. CPI data released yesterday. South Africa’s economic recovery is at risk of being slowed down by the violence takin place in the country now. The rand has gone beyond the technical resistance levels of 14.6000, and the move is likely to reach 15.0000 level.

Asian shares slipped on Wednesday as the U.S. inflation made the biggest spike in 13 years, boosted by market expectations that the Federal Reserve could halt the pandemic-era stimulus earlier than expected. Gold prices showed an increase on Wednesday. The main focus was on U.S. Federal Reserve Chair Jerome Powell’s statement which caused a strong rise in consumer process.

Foreign Exchange Rates

At time of writing:

  • The Rand traded at 14.7392 versus the dollar.
  • GBP: 20.40
  • Euro: 17.38
  • Gold: 1812 USD
  • Bitcoin: 31 899 USD

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