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 recovered slightly to trade in the 14.5000 level. Market activity were mostly restricted yesterday as the rand came under pressure to trade in the 14.7000 level, but eventually reached a low of 14.6000. The predicted trading range for the rand today is between 14.4000 and 14.8000.
Today’s focus will be on the outcome of the SARB MPC. Even though predictions are that interest rates will stay unchanged, the market will look for any potential future outlooks. Data released on Wednesday showed that consumer inflation slowed to 4.9% year on year in June from 5.2% in May. These figures are in line with the South African Reserve Bank’s 3% to 6% target range.
The Tokyo Olympics officials remain cautious as Japan is under its fourth state of emergency which will last until 22 August 2021. The Olympics is scheduled to open on Friday. Last week the first positive case was reported in the athlete’s village. There are already more than 70 cases linked to the Games. Organising Committee Official, Toshiro Muto, announced on Tuesday that cancelling the games at the last minute due to the pandemic is still an option.
Foreign Exchange Rate
At time of writing:
- The Rand traded at 14.5219 versus the dollar.
- GBP: 19.97
- Euro: 17.13
- Gold: 1802 USD
- Bitcoin: 32 305 USD