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 recovered late yesterday afternoon to trade in the 14.6000 level. Yesterday the rand traded at a high close to 14.90 but quickly made gains back down to a best level of 14.6200. foreign exchange markets are trading unpredictably as well as emerging markets. The rand indicated a R30c recovery yesterday as sellers showed up. The predicted trading range for the rand today is between 14.5000 and 14.9000.
Gold prices improved somewhat after a sudden decline earlier this week as analysts is doubtful on what the future holds for the precious metal. The USD dollar and the gold prices have an inverse relationship, which means when the dollar get stronger against other currencies, gold prices will decline as it gets more expensive in other currencies. This will result in a decline in demand for the gold.
In the last 24-hour monitoring period another 573 Covid-19 related deaths have been reported in the country, along with 7502 new cases. South Africa has a recovery rate of 91.5%. On the vaccine front, just over 9 million vaccinations have been administered so far.
Foreign Exchange Rates
At time of writing:
- The Rand traded at 14.7269 versus the dollar.
- GBP: 20.41
- Euro: 17.28
- Gold: 1754 USD
- Bitcoin: 45 277 USD