We publish this daily rand news update of the rand to dollar rates and factors that 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 15.2000. On Friday the local unit came under pressure and reached a high of 15.3950. The foreign exchange markets are very sensitive to risk-driven events. Emerging markets are very vulnerable due to the Federal Reserve’s timing of any possible taper scenarios. The predicted trading range for the rand today is between 15.1000 and 15.5000.
The boost in the rand is also supported by an improved risk appetite on global markets. The rand had a bad week last week, as it lost about 4% against the dollar. The local unit has shown some improvement and caused the dollar to go down by 0.2%. This influenced the Asian stocks to spike and boosted emerging-market assets.
As of Sunday, there has been an additional 10 748 new Covid-19 cases reported in the previous 24-hour monitoring period. There has also been a further 170 Covid-19 related deaths reported. Most new cases are from KwaZulu-Natal with 31%, followed by the Wester cape at 22%.
Foreign Exchange Rates
At time of writing:
- The Rand traded at 15.2771 versus the dollar.
- GBP: 20.86
- Euro: 17.91
- Gold: 1784 USD
- Bitcoin: 50 198 USD