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 trading stable for now in the 14.40s as the looting and unrest in the country has become less. Yesterday’s session was mostly uneventful, but the rand did reach a high of 14.60 in the overnight session. The predicted trading range for the rand today is between 14.3000 and 14.8000.
Even with the rand holding steady now, it is still very vulnerable to media headlines as the unrest in the country has reached international media. Local law enforcement authorities and military is upholding some degree of law and order in the areas needing it most. The rand is likely to trade with caution as it heads into close of the week. The local unit used to be the top emerging market this year but has now lost that position.
Opec announced on Thursday that it expects the world’s oil demand to increase next year to the same levels seen before the pandemic. Oil prices showed little changed on Friday, as it moves towards its biggest weekly drop since March.
Foreign Exchange Rates
At time of writing:
- The Rand traded at 14.4422 versus the dollar.
- GBP: 19.99
- Euro: 17.05
- Gold: 1823 USD
- Bitcoin: 31 683 USD