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 in a very cautious environment as we head into the weekend. The local unit trades at its best level of 14.3125 yesterday after which it reached a high of 14.4950 in the overnight session. Analyst are predicting a possible move below a level of 14.0000 in the next month to three months. The predicted trading range for the rand today is between 14.2500 and 14.7500.
Today’s local focus will be on the PMI release and global focus will be on the U.S. employment data. The non-farm payrolls data that is being released today plays a major role in the market. Reason for this is the Federal Reserve has made a labour market recovery a stipulation for cutting back its pandemic-era asset purchase.
The rand along with other risk-sensitive currencies, are directly influenced from the U.S. monetary policy outlook. In the local markets, investors will use the PMI data to sought insight about the rate of South Africa’s economic recovery from the Covid-19.
Foreign Exchange Rates
At time of writing:
- The Rand traded at 14.4116 versus the dollar.
- GBP: 19.34
- Euro: 17.00
- Gold: 18111 USD
- Bitcoin: 49 951 USD