Rand News Update │ Rand posting significant gains

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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 is showing significant gains with a current level of 14.4000, regardless of the disappointing local PMI data received yesterday. The upsetting PMI data was mostly because of the recent unrest in the country and will probably only be temporary. Global market focus will be on the ever-increasing infection rates of the Delta variant. The predicted trading range for the rand today is between 14.2500 and 14.7000.

The rand was trading at its best level of 14.3675 on Monday since the 19th of July. This improvement also saw rand-link commodities such as iron ore, platinum and gold improved. Market focus this week will be on the U.S. non-farm payroll data scheduled for Friday. This will be an important gauge to establish the U.S. Federal Reserve’s future policy outlook.

The National Institute for Communicable Diseases has reported 5575 new Covid-19 cases for yesterday, with 246 Covid-19 related deaths. The country’ positivity rates now stand at 21.9%. On Saturday the country received the first 2.8 million doses of the Pfizer vaccine donation from the United States government. The second batch of 5.6 million doses is expected to arrive today.

Foreign Exchange Rates

At time of writing:

  • The Rand traded at 14.4015 versus the dollar.
  • GBP: 20.03
  • Euro: 17.11
  • Gold: 1809 USD
  • Bitcoin: 38 568 USD

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