Rand News Update │ Rand trading unpredictable

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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 very unpredictable at current level of 14.8000. The local unit reached its best level of 14.7850 yesterday but quickly retreated to trade weaker at a rate of 14.9950. The rand’s recovery this morning is thanks to the U.S. Federal Reserve’s comments received overnight. It recommended that the Covid-19 global pandemic will most likely weigh on the U.S.’s economic recovery for some time. The predicted trading range for the rand today is between 14.6000 and 15.0000.

Local data released today of inflation and retail sales was the cause for some recovery for the rand. This data will give inklings about the country’s economic recovery from the Covid-19 pandemic. The consumer price index for July is expected to show a 4.6% annual increase, which is less that the 4.9% for June and 5.2% in May. The central bank usually aims to set inflation between 3% and 6% and they frequently revise it in relation to the midpoint of that band.

In Coronavirus news, the New Zealand central bank was on track to increase interest rates but that was quickly put on hold as one Covid-19 infection steered the country to announce a nationwide lockdown.  

Foreign Exchange Rates

At time of writing:

  • The Rand traded at 14.9038 versus the dollar.
  • GBP: 20.49
  • Euro: 17.47
  • Gold: 1788 USD
  • Bitcoin: 45 022 USD

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