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 trading stable at a level of 14.7000. The local unit saw a spike towards the 15.0000 level yesterday, before recovering again. Market will be trading cautious today as focus is on the outcome of the FOMC. The predicted trading range for the rand today is between 14.6000 and 15.0000.
The dollar has seen a month long of gains after the aggressive move from the U.S. Federal Reserve in June. Market participants are predicting a quick end to the policy support that the U.S. economy has received. If monetary policies are going to be tapered in, it will support the U.S. rates and the dollar.
On Tuesday, 7779 new Covid-19 cases were reported in South Africa, which brings the total of confirmed cases in the country to 2 391 223. Gauteng contributes to 30% of the new cases, followed by the Western Cape at 20%, KwaZulu Natal at 16% and the Easter Cape accounted to 10%. South Africa has now reported a number of 2 180 494 recoveries, which gives a recovery rate of 91.2%.
Foreign Exchange Rates
At time of writing:
- The Rand traded at 14.8153 versus the dollar.
- GBP: 20.55
- Euro: 17.49
- Gold: 1803 USD
- Bitcoin: 39 891 USD