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 still at risk, but it is trading stable for the moment as looting and protest has subdued in the country. Yesterday the rand traded between a range of 14.4200 and 14.5300. In the overnight session the local unit quickly reached a loss beyond 14.6000 but it quickly recovered. Short-term technical indicators are suggesting support for the rand at around a 14.3600 level, but the rand is struggling to find momentum as we see spike in coronavirus cases The predicted trading range for the rand today is between 14.3000 and 14.8000.
The rand is also very sensitive to changes in outlook on global markets. Local focus is on the South African Reserve Bank interest rates decision which is due on Thursday. Investors are predicting that the central bank will keep its repo rate unchanged at 3.5% as it looks through temporary high inflation and to support the economy.
In cryptocurrency news, Bitcoin has seen a drop in price as it fell below $30 000 for the first time since 22 June 2021. The sudden fall in bitcoin came after a big sell-off in global stock markets and the Dow Jones had its worst day since last year October.
Foreign Exchange Rates
At time of writing:
- The Rand traded at 14.5719 versus the dollar.
- GBP: 19.88
- Euro: 17.17
- Gold: 1812 USD
- Bitcoin: 29 796 USD