Rand News Update │ Rand recovery short lived

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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 recovered slightly, trading in the 14.70s yesterday after it almost reached a level of 15.0000. Markets will trade with caution today ahead of the U.S. Federal Reserve policy meeting tomorrow. The predicted trading range for the rand today is between 14.6000 and 14.9500.

Riskier currencies, like the rand, prefer the U.S. interest rates being. This is because they gain from the interest rate differential that increases their demand for carry trade. Investors will look for clarity at the FOMC in regards to when the U.S. central bank might decide to stop its easy monetary policies.

Asia’s stock markets dropped on Tuesday as more big Chinese internet companies are selling off. Gold is trading in a limited range, as it reached a level of just below $1800.

Aspen Pharmacare announced that the first batch of Johnson & Johnson vaccines to be used in South African will be released from its Gqeberha production facility on Monday. The first batch to be released in the country will consists of 1.45million vaccines shots.

Foreign Exchange Rates

At time of writing:

  • The Rand traded at 14.8939 versus the dollar.
  • GBP: 20.53
  • Euro: 17.54
  • Gold: 1798 USD
  • Bitcoin: 37 068 USD

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