Rand News Update │ No recovery for rand, trading at 14.70 level

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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 had not seen any recovery as it is currently trading at a 41.7000 level. After the Cabinet reshuffle last week, the rand has struggled to trade back at its low levels of the week before. Strong U.S. data prints were released on Friday causing more set back for the local unit. The predicted trading range for the rand today is between 14.6000 and 15.1000.

Market focus will be on the U.S. Federal Reserve to see if any action will be taken, while the ever-increasing Covid-19 Delta variant infections is causing a massive concern. Asian stocks declined after a weak performance on Wall Street and here too the spreading of the Delta variant has caused the metals and oil prices to drop. This caused demand for the gold as the safe option.

As of Monday, 9 August 2021, the country has registered 6787 new Covid-19 cases and an additional 199 Covid-19 related deaths. The country’s vaccination rollout has seen more than 8.6 million jabs administered. The age group of 18 – 34 years is expected to register and receive vaccinations from the beginning of next month.

Foreign Exchange Rates

At time of writing:

  • The Rand traded at 14.7631 versus the dollar.
  • GBP: 20.45
  • Euro: 17.33
  • Gold: 1736 USD
  • Bitcoin: 45 518 USD

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