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 steady in the mid 14.40s at the beginning of the week. Last week we saw a lot of volatility from the rand with all the unrest in the country. The rand will still be very sensitive to local factors coming into the new week. The predicted trading range for the rand today is between 14.2500 and 14.7500.
Asian shares showed a decline on Monday, while “safe” assets like yen ang gold showed an increase at the same time of increasing coronavirus cases. Oil prices slipped as oversupply are becoming a concern.
The National Institute for Communicable Diseases (NCID) reported yesterday that a total of 38 287 were conducted in the previous 24 hours, with 11 215 testing positive. There have also been an additional 183 Covid-19 related deaths. The country positivity rate now sits at 29.3% and the recovery rate at 89.3%. South Africa has so far vaccinated 5 095 013 people in the country.
Foreign Exchange Rates
At time of writing:
- The Rand traded at 14.4714 versus the dollar.
- GBP: 19.87
- Euro: 17.04
- Gold: 1805 USD
- Bitcoin: 31 657 USD