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 trading stable at a level of 14.5000. Yesterday it reached its best level of 14.4500 by the time of closing. The next technical support level for the local unit will be at 14.4000 even though there is still a constant demand for the USD from local sources. The predicted trading range for the rand today is between 14.3000 and 14.7000.
The rand is receiving continuous support after the U.S. Federal Reserve announced it will slowly start tapering its pandemic-era stimulus. The rand has showed an increase of more that 3% against the greenback since the start of the weekend past. Global market focus will be on key U.S. jobs report which is due Friday. Domestic focus will be on PMI surveys and vehicle sales data which investors will analyse to determine the rate of economic recovery from the pandemic.
South Africa’s economic recovery has been a very stop and go process. The riots and unrest which happened in July, was relating to former president Jacob Zuma prison sentence, which negatively influenced the first-quarter performance. The second quarter gross domestic product (GDP) figures are due next week.
Foreign Exchange Rates
At time of writing:
- The Rand traded at 14.4005 versus the dollar.
- GBP: 19.81
- Euro: 17.00
- Gold: 1813 USD
- Bitcoin: 47 180 USD