We publish this daily rand news update of the rand to dollar rates and factors that 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 showing more gains as the USD retreated after the FOMC’s announcement. The rand reached its best level of 14.5500 yesterday and is also currently trading around the short-term technical support level. As the month is coming to an end markets are likely to be flat and liquidity will be put to the test. The predicted trading range for the rand today is between 14.4000 and 14.8000.
The rand has shown an improvement of more than 1% since Monday after the dollar weakened as the U.S. Federal Reserve announced that the rate increase is still not happening anytime soon. The rand, and other riskier currencies, prefer the U.S. interest rates stay low because they benefit from the interest rate gap.
In Covid-19 news, South Africa has recorded 13 751 new confirmed cases on Thursday and 523 deaths, which brings the official death toll to 71 431. The country now has a 24.6% positivity
Foreign Exchange Rates
At time of writing:
- The Rand traded at 14.5551 versus the dollar.
- GBP: 20.33
- Euro: 17.32
- Gold: 1829 USD
- Bitcoin: 38 681 USD