Rand News Update │ Rand trading on back foot

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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 is trading on the back foot as it reached a level of 14.8000 in yesterday’s session. This morning markets opened in the high 14.80s. Global risk assets are still trading weaker which in turn is causing emerging-market currencies to trade weaker too. Analysts are suggesting that a level of 15.0000 in unavoidable in the near future. The predicted trading range for the rand today is between 14.6500 and 15.1000.

Asian shares slipped on Tuesday as concerns are mounting over the spike in the Delta variant of Covid-19 infections. The unrest in Afghanistan overshadowed overnight strength on Wall Street. Gold prices decreased slightly while the dollar strengthened and overshadowed the demand for the metal.

In the last 24-hour monitoring period, South Africa has reported 7983 new Covid-19 cases with an additional 299 Covid-19 related deaths. The country now represents a positivity rate of 21.1%. The National Coronavirus Command Council is meeting today and on their agenda there is expected to be a discussion on opening up vaccinations for over 18s by the end of this week.

https://www.nicd.ac.za/latest-confirmed-cases-of-covid-19-in-south-africa-16-august-2021/

Foreign Exchange Rates

At time of writing:

  • The Rand traded at 14.8880 versus the dollar.
  • GBP: 20.54
  • Euro: 17.52
  • Gold: 1793 USD
  • Bitcoin: 45 921 USD

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