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 keeps on improving and is currently trading comfortably at a 14.5000 level. The local unit got some support from the fact that the UK had a bank holiday yesterday which made liquidity limited. The rand is showing a considerable improvement since the beginning of August. The predicted trading range for the rand today is between 14.4500 and 14.8500.
The greenback had one of its biggest daily percentage losses of the month after Powell’s announcement of tapering that would start this year although the central bank is in no rush to increase interest rates. The global focus will be on the U.S. jobs report which is due at the end of the week. The domestic focus will be on economic trade data releases today and a PMI survey on Friday.
A new Covid-19 variant has been identified in South Africa. The mutations on the virus are linked to increased transmissibility and the increased ability to elude antibodies. The new variant was first identified in May in the provinces of Mpumalanga and Gauteng. It has since been found in seven other countries in Africa, Asia, and Europe.
Foreign Exchange Rates
At time of writing:
- The Rand traded at 14.5352 versus the dollar.
- GBP: 20.02
- Euro: 17.19
- Gold: 1814 USD
- Bitcoin: 47 553 USD