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 keeps on improving trading at a range of 14.2500 to 14.3500. the rand is seeing some support from the fact that the Northern Hemisphere is entering their summer holiday period. The absence of broad-based market participations has also given the rand a boost and it is continuing to show improvements during the rest of the week. The predicted trading range for the rand today is between 14.1500 and 14.6000.
The rand has reached its highest in the last three weeks as the dollar is still retreating. Markets await insight into the labour market recovery from the U.S. jobs data. The non-farm payrolls data which is due on Friday is an important factor to establish the U.S. Federal Reserve’s position on future policy. This is important because the rand, and other riskier currencies, do well when U.S. rates remain low.
The price for oil has dropped as there are concerns that the increasing infections in the top consuming countries will dampen the fuel demand. The United States and China, the world’s two biggest oil consumers, are struggling to keep the Delta variant outbreaks under control.
Foreign Exchange Rates
At time of writing:
- The Rand traded at 14.2415 versus the dollar.
- GBP: 19.83
- Euro: 16.88
- Gold: 1814 USD
- Bitcoin: 37 931 USD