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 trading at a higher and touching a level of 14.5000. The local unit traded mostly negative yesterday, reaching a high of 14.4525. During the overnight session the rand carried on with its losses and reached a high of 14.49000. The spike in the rand is related to the drop in retail sales which proves that the economy got off to an unsteady start in the third quarter. The predicted trading range for the rand today is between 14.2500 and 14.7500.
The ZAR is 0.6% weaker against the dollar compared to its previous close and it is trading at its weakest since the 1st of September. Market focus has moved on next week’s South Africa’s central bank interest rates decision. Eyes will also bee on the Federal Reserve policy meeting for clues on how quickly the U.S. central bank will start to tape stimulus. The South African Reserve Bank monetary policy committee will publish its interest rates decision on 23rd of September.
According to the National Institute for Communicable Diseases (NCID), there has been 4667 new Covid-19 infections recorded on Wednesday. An additional 166 Covid-19 related deaths have been reported. There has also been in increase of 270 hospital admissions in the last 24-hour cycle in both the public and private sectors. South African has administered 15 447 034 vaccine doses to date.
Foreign Exchange Rates
At time of writing:
- The Rand traded at 14.4818 versus the dollar.
- GBP: 20.01
- Euro: 17.05
- Gold: 1785 USD
- Bitcoin: 48 210 USD