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 weaker as the USD is showing more strength. The local unit reached its best level of 14.4500 around midday but was unable to hold onto its gains. The rand was very vulnerable yesterday and reached its worst level of 14.6275, but it steadied overnight. The predicted trading range for the rand today is between 14.4500 and 14.7000.
Markets focus will be on various factors, firstly on next week’s local consumer price index (CPI) data. Secondly, focus will on South Africa’s central bank interest rates decision. And lastly, focus will on the Federal Reserve policy meeting for any cues on how soon the U.S. central bank will start to tape stimulus.
Gold prices showed some recovery on Friday after declining the previous day. This is caused by the dollar gaining and reaching its highest peak in three weeks, which is increasing gold’s cost for buyers holding other currencies.
Foreign Exchange Rate
At time of writing:
- The Rand traded at 14.5496 versus the dollar.
- GBP: 20.07
- Euro: 17.14
- Gold: 1763 USD
- Bitcoin: 47 933 USD