Rand News Update │ Rand holding strong ahead of weekend

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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 holding steady at a level below 15.0000. The trading range was very limited yesterday, although it did reach a best level of 14.8825. Markets are awaiting U.S. Federal Reserve chair Jerome Powell’s speech later today to provide some insight. The predicted trading range for the rand today is between 14.8000 and 15.2000.

The local unit traded 0.4% better that its previous close. The ZAR is performing at good level with achieving more that 2% gains this week. If Jerome Powell’s speech indicates to the central bank loosening monetary policies, it will in turn risk-sensitive currencies like the rand.

Asian shares are trading in a mixed sentiment as China is showing some gains. Gold prices are directly influenced by the extremely volatile situation in Afghanistan, which is creating demand for the safe-haven metal. All markets are anticipating Powell’s speech for clues on stimulus tapering plans.

Foreign Exchange Rates

At time of writing:

  • The Rand traded at 14.9033 versus the dollar.
  • GBP: 20.42
  • Euro: 17.51
  • Gold: 1796 USD
  • Bitcoin: 47 194 USD

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