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 reached a best level of 14.1000 during the day yesterday. The market environment was very subdued in yesterday’s trading session which worked in the local unit’s favour. The predicted trading range for the rand today is between 14.0500 and 14.4500.
The level the rand is holding now is appealing to both importers and any short USD-position holders. Given the degree of the rand’s recent recovery, there is still on-going speculation suggesting a short-term correction from the current trading levels. South Africa is showing a very uneven recovery from the Covid-19 pandemic, with sectors like mining performing better than manufacturing. This has resulted in financial companies lifting their 2021 growth forecasts.
Positive FX movement is directly linked to stimulus. Without stimulus there is a big chance that stocks and commodities will experience significant corrections. Currency trades should be on the look out for tapering form the central bank’s asset purchases. This will encourage safer assets and weigh on riskier commodity and emerging market currencies.
Foreign Exchange Rates
At time of writing:
- The Rand traded at 14.1029 versus the dollar.
- GBP: 19.56
- Euro: 16.70
- Gold: 1800 USD
- Bitcoin: 46 202 USD