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 has breached the 15.0000 level after reaching a high of 14.9400 at the previous day’s close. The Federal Open Market Committee released its meeting minutes which revealed that the Federal Reserve could start its tapering of its asset purchase programme by year-end. The predicted trading range for the rand today is between 14.8000 and 15.3000.
The dollar index, which measures the U.S. currency against its peers, increased with 0.3% after reaching its highest since November 2020. The fact that the U.S. Federal Reserve will start regulating policy will likely damage assets in emerging markets like South Africa. This is because emerging markets gained from the U.S. central bank’s relaxed approach.
Asian stocks decreased to its lowest level this year as the dollar reached its highest in last 10 months. The FOMC minutes caused investors to move towards safety which is the USD.
Foreign Exchange Rates
At time of writing:
- The Rand traded at 15.1575 versus the dollar.
- GBP: 20.75
- Euro: 17.72
- Gold: 1779 USD
- Bitcoin: 44 610 USD