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 still struggling under the ever-increasing USD. The local unit traded in a range of 14.7325 and 14.8525 yesterday. Most of the other emerging markets is also cautious in today’s trades as markets wait on any response from the U.S. Federal Reserve regarding the “taper” scenarios. The predicted trading range for the rand today is between 14.6500 and 15.0000.
The decline in the rand is strongly affected by the U.S. interest rates. Investors are predicting that the U.S. interest rates will increases as the Federal Reserve start cutting back on bond buying. Inflation data released yesterday was also contributing to the rand’s decrease.
Covid-19 infections has spiked in places like the United States and Asia, which now caused the rand to lose its global appeal. Asia stocks traded well on Wall Street yesterday despite fears of the quickly spreading Delta variant popping up in more states. Gold prices are increasing as the USD is showing strength.
Australia is not as far as they would want to be with vaccinations as Melbourne is still in a lockdown. There have been 20 more Covid-19 cases identified in the area. The recent lockdown in Australia is causing concerns as the there is a risk on the economy going into second recession in two years.
Foreign Exchange Rates
At time of writing:
- The Rand traded at 14.8243 versus the dollar.
- GBP: 20.49
- Euro: 17.37
- Gold: 1732 USD
- Bitcoin: 46 330 USD