Rand News Update │ Rand under pressure trading at 14.80 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 came under pressure over the weekend and is currently trading in the high 14.8000 level. The rand dropped to a four-month low as concerns are developing over increasing Covid-19 infections. The rand is down by 0.38% and its the weakest its been since the end of March. The predicted trading range for the rand today is between 14.6500 and 15.0500.

The rand drop last week as a result of the South African Reserve Bank announcing that the interest rates will stay reasonably low. Market focus this week will be on the U.S. central bank’s meeting on Tuesday and Wednesday. There are no policy changes predicted, but investors will look for outlook on the Fed’s monetary policies.

President Cyril Ramaphosa announced last night that the country now moves to Adjusted Level 3. Losted below are some changes to the new lockdown regulations:

  • People aged 18+ will be eligible to be vaccinated from 1 September 2021.
  • Curfew is from 10pm to 4am and restaurant need to close by 9pm.
  • Alcohol sales from retail outlets permitted from Monday to Thursday, 10am to 6pm.
  • Indoor gatherings are only permitted to have 50 people, while outdoor gathering are allowed 100 people.

https://sacoronavirus.co.za/2021/07/25/summary-of-level-3-regulations-as-of-26th-july-2021/

Foreign Exchange Rates

At time of writing:

  • The Rand traded at 14.9800 versus the dollar.
  • GBP: 20.60
  • Euro: 17.65
  • Gold: 1809 USD
  • Bitcoin: 37 972 USD

To start sending and receiving money today, download the SFX app now on Android or iOS

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