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 showing some improvement against the USD as it is currently trading at a level below 15.2000. The local unit was trading in a very limited trading range yesterday however found some support to trade towards the 15.1000. The predicted trading range for the rand today is between 15.0000 and 15.4000.
Global risk appetite improved as we see gains in global stock markets. The statistics agency will release jobs data for April-June. Investors will look for indicators on how quickly the country’s economy is recovering from the Covid-19 pandemic.
Oli prices increased on Tuesday which was a result of the FDA granting full approval to the Pfizer/BioNTech Covid-19 vaccine. This move gave investors the boost it needed to believe that a higher fuel demand will be followed by an increase in the US coronavirus vaccination rates.
Bitcoin has also seen an increase in its price after comments from Elon Musk and Cathie Wood. Amazon has also announced its possible involvement in cryptocurrency. Meanwhile the cryptocurrency has increased with as much as 4.2% after a three-month slump.
Foreign Exchange Rates
At time of writing:
- The Rand traded at 15.1221 versus the dollar.
- GBP: 20.72
- Euro: 17.74
- Gold: 1802 USD
- Bitcoin: 49 753 USD