We publish this daily rand news update of the rand to dollar rates and factors that 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 stable at a level of 14.2000. The local unit showed a strong move towards the 14.0000 level last week, posting its best level at 14.0600 on Friday. The predicted trading range for the rand today is between 14.0000 and 14.4000.
The rand is slightly weaker today than at the end of last week. Investors are anticipating feedback on U.S. consumer prices that could be essential to the Federal Reserve’s decision on when to stop its very supportive policy. Tomorrow’s focus will be on the U.S. CPI data being released, which will give guidance to which direction the dollar will move.
President Cyril Ramaphosa announced on Sunday evening that South Africa will move to lockdown level 2 as of today. The new lockdown level will be reviewed in two weeks as the country is still seeing spikes of infections in some provinces like the Northern Cape and Free State. Existing regulations that will remain in place are the compulsory wearing of masks, social distancing, and a ban on after-funeral gathers.
Foreign Exchange Rates
At time of writing:
- The Rand traded at 14.1740 versus the dollar.
- GBP: 19.58
- Euro: 16.70
- Gold: 1788 USD
- Bitcoin: 44 241 USD
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