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 lost some ground yesterday and is trading just above the 14.3000 level. Yesterday, the local currency showed some weakness early in the session, but recovered quickly after the release of the U.S. CPI data. It struggled to hold onto its gains for long and quickly moved back to its previous trading levels. The predicted trading range for the rand today is between 14.1500 and 14.6500.
The rand opened this month at a level of 14.5000, therefor the recent gains is a sure win. Several indicators pointed to a short-term technical adjustment, which appears to have happened. J.P. Morgan recommended to its clients yesterday to sell the currency, as it’s reached its highest point on the bank’s emerging market risk appetite index.
Demand for riskier assets was muted on Wednesday as markets are unsure about the U.S. Federal Reserve’s tapering timeline. Concerns about slowing global growth was reconfirmed after the U.S. inflation increase and weak Chinese economic data released.
Foreign Exchange Rates
At time of writing:
- The Rand traded at 14.2931 versus the dollar.
- GBP: 19.76
- Euro: 16.89
- Gold: 1800 USD
- Bitcoin: 47 213 USD