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 made some major gains yesterday to trade down to the 14.60 level, but it was short lived as the demand for the USD moved the price towards its highest for the day at a 14.8000 level. The predicted trading range for the rand today is between 14.6000 and 15.1000.
The foreign exchange markets all over the world are experiencing an absence of significant activity. This is the result of the northern hemisphere summer holidays. The dollar is still finding support after the not so impressive US CPI data that was released. If the dollar stay on its current upward trend, a level of 14.88/90 could be reached today after which the next level to watch would be 14.9850.
Riskier currencies like the rand, prefer the U.S. interest rates staying low because they benefit from the rate differential which increases their demand for carry trade. Carry trade is when investors borrow in a low-yielding currency to invest in higher-yielding assets.
Foreign Exchange Rate
At time of writing:
- The Rand traded at 14.8092 versus the dollar.
- GBP: 20.44
- Euro: 17.37
- Gold: 1757 USD
- Bitcoin: 46 233 USD