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 being overshowed by the strong USD. The local unit reached its best level of 14.5100 yesterday but struggled to breach below 14.50. The rand traded weaker throughout the day as the USD showed more strength. The rand is also strongly affected by the surge of coronavirus infections in the country as the highly contagious Delta variant is causing havoc. The predicted trading range for the rand today is between 14.5000 and 14.8000.
The South African Reserve Bank (SARB) is due to announce its interest rate decision tomorrow. SARB usually tries to keep inflation between 3% and 6%. Investors are predicting an unchanged repo rate at 3.5%.
Asian shares and U.S. Treasury yields increased on Wednesday, while gold prices showed a decline. The USD is being seen as the safer bet for now as concerns are rising over surging coronavirus infections impacting the global economic recovery.
Foreign Exchange Rates
At time of writing:
- The Rand traded at 14.7076 versus the dollar.
- GBP: 19.99
- Euro: 17.29
- Gold: 1807 USD
- Bitcoin: 30 836 USD