Rand News Update │ Rand spike caused by cabinet reshuffle

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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 saw a massive spike last night to a level of 14.5000 as the cabinet was reshuffled. President Cyril Ramaphosa announced a cabinet reshuffle last night, along with the resignation of the finance minister. This will trigger some extreme action in the USD and ZAR pair. The rand reached a high of 14.70 before recovery back to a level of 14.5000. The predicted trading range for the rand today is between 14.3500 and 14.5500.

Global market focus is on the outcome of the U.S. data prints expected today. As we head into a long weekend here in South Africa, price action in the rand is likely to be cautious. Asian shares are struggling to make any gains as the spread of the Delta variant across the region are causing concern over the rate of economic recovery. Gold prices dropped struggling to hold on to the $1800 level, as the U.S. dollar improved.

The National Coronavirus Command Council has approved the use of the Sinovac vaccine for the coronavirus inoculation drive in the country. New Health Minister Joe Phaahla announced on Friday that the AstraZeneca jab is also going under consideration for use.

Foreign Exchange Rates

At time of writing:

  • The Rand traded at 14.4737 versus the dollar.
  • GBP: 20.17
  • Euro: 17.12
  • Gold: 1800 USD
  • Bitcoin: 40 786 USD

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