Rand News Update │ Rand’s next short-term goal is below 14.12

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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’s next short-term goal is to reach a level of 14.1200. The local unit opened the session yesterday at a level of 14.3000 and then continued its gains to reach a level of 14.1600 after the release of the FOMC minutes. The predicted trading range for the rand today is between 14.2500 and 14.1000.

The Federal Open Market Committee (FOMC) minutes did not provide any certainty to when the tapering will start. This resulted in the rand moving towards a level of 14.12000. Today’s market focus will be on the European Central Bank’s meeting. Investors are predicting that the ECB will trim down stimulus efforts, but at the same time they will keep up their support.

The National Institute for Communicable Diseases reported on Wednesday that the daily rate of new coronavirus infections is showing signs of declining. Over the past 24-hour cycle there has been 253 Covid-19 related deaths recorded with 7338 new infections. Since the country’s vaccine rollout began earlier this year, there have been 14 126 008 administered.

Foreign Exchange Rates

At time of writing:

  • The Rand traded at 14.1521 versus the dollar.
  • GBP: 19.55
  • Euro: 16.74
  • Gold: 1793 USD
  • Bitcoin: 46 338 USD

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