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 moving from strength to strength as it is trading at a level of 14.3000. On Monday it started off at a level of 14.7200. The local unit has breached the short-term technical support level posted yesterday. Market focus today will mostly be on the U.S. non-farms payroll report being released later today. The predicted trading range for the rand today is between 14.2500 and 14.6500.
The rand, along with other risk-sensitive currencies, has been finding some support from the U.S. Federal Reserve’s relaxed monetary policy. Analysts are suggesting the rand will experience a price correction soon, but this is not likely happening before Friday. Local investors will keep their eyes on the PMI surveys releasing soon for any indication on the rate of economic recovery from the global pandemic.
The rand has gained for an eight-session running. This is the longest streak since December 2012. What caused the gains in 2012 was when President Cyril Ramaphosa became ANC deputy president. Markets at that time were hoping that the appointment of Ramaphosa would position South Africa on a better economic path as he was believed more business friendly.
Foreign Exchange Rates
At time of writing:
- The Rand traded at 14.3362 versus the dollar.
- GBP: 19.76
- Euro: 16.98
- Gold: 1814 USD
- Bitcoin: 49 875 USD