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 holding its ground at the same level of 14.2000. There was very little trading activity yesterday, with the rand reaching a high of 14.2500 and its best level of 14.1400 for the day. Today’s focus will be on the U.S. CPI data as the global economic environment is stull struggling under the global pandemic. The predicted trading range for the rand today is between 14.0000 and 14.4000.
The U.S. Federal Reserve is scheduled to meet next week where they will discuss the tapering process and when interest rates will be increased from the current near-zero levels. If the U.S. interest rates remain low, the rand along with other riskier currencies, benefit from the interest rate inconsistency that increase their appeal for so-called carry trade. During this process, investors borrow in a low-yielding currency to invest on a higher-yielding assets.
Oil prices increased on Tuesday, as there are another storm heading towards Texas this week which will affect output. The U.S. industry struggles to return to production after Hurricane Ida caused havoc on the Gulf Coast. China is planning to release oil from strategic petroleum reserves which could boost supplies available in Europe.
Foreign Exchange Rates
At time of writing:
- The Rand traded at 14.1610 versus the dollar.
- GBP: 19.65
- Euro: 16.74
- Gold: 1788 USD
- Bitcoin: 45 776 USD