Rand News Update │ Rand slipped back to trade in 14.70 level

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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 slipped back to trade in the 14.7000 level as the MPC left the local rates unchanged yesterday. All foreign exchange markets have experienced limited trading ranges and did not manage to make a definite move in either direction. The predicted trading range for the rand today is between 14.5000 and 15.0000.

The state that the local economic environment is in, any support the rand received will be limited. The South African Reserve Bank announced yesterday that the recent unrest in the country will most likely slow the economic recovery down. The local unit has also received some gains as a result of good U.S. earning lately. This has assisted to relieve fears of the increasing cases of the Delta variant of the coronavirus.

Acting Health Minister Mmamoloko Kubayi says that indications point to the country having passed the peak of its third wave. There are still concerns that the recent looting in Gauteng and KwaZulu-Natal could result in a spike in infections. The government is expected to announce next week when the next age group of people can register for the vaccine.

Foreign Exchange Rates

At time of writing:

  • The Rand traded at 14.7701 versus the dollar.
  • GBP: 20.28
  • Euro: 17.40
  • Gold: 1805 USD
  • Bitcoin: 32 487 USD

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