Rand News Update │ Rand retreated but still in positive setting

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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 retreated slightly but it is still trading in a positive environment after opening the month at a level of 14.5000. The USD received some demand yesterday, but volumes were not as big. Market focus today will mostly be on the Federal Reserve’s Beige Book release. The predicted trading range for the rand today is between 14.1500 and 14.5000.

The local unit is trading 0.2% weaker than its level it closed at on Tuesday. The rand was not much affected by the domestic data released yesterday. The GDP figures were better-than-expected for the second quarter.

Asian shares have been trading at a high for the past six weeks, as the tone is moving to a more risk-adverse market. Concerns are increasing about the slow growth of the economy that are harming equities and causing the dollar to improve. Gold prices improved as the dollar is slowing down on its rally.

Foreign Exchange Rates

At time of writing:

  • The Rand traded at 14.3162 versus the dollar.
  • GBP: 19.69
  • Euro: 16.92
  • Gold: 1797 USD
  • Bitcoin: 44 640USD

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