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 trading stable at a level of 14.7000. On Friday the local unit came under pressure therefore reaching a high of 14.8800 on the day. Short-term technical indicators are hinting at a recovery level of 14.6000. The highest level reached last week as 14.9000. The predicted trading range for the rand today is between 14.6000 and 15.0000.
The rand’s weakness is also closely related to the disappointing Chinese economic data that is negatively affecting the global atmosphere. China is one of the country’s largest trading partners, which is why South African assets are extremely sensitive to movement in sentiment on international
South Africa is struggling to recover from the Covid-19 pandemic, as sectors like mining are boosted by increased commodity prices and sectors like the tourism and hospitality industries are still badly affected. There has been 10 139 new Covid-19 infections recorded in the last 24-hour monitoring period, with an additional 272 more deaths.
Foreign Exchange Rates
At time of writing:
- The Rand traded at 14.7414 versus the dollar.
- GBP: 20.42
- Euro: 17.36
- Gold: 1774 USD
- Bitcoin: 47 341 USD