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 high level of 14.8000. The local unit cracked under pressure as the USD is proving to trade strong across most markets. Commodity prices continued to decrease which caused the local currency exposed and vulnerable. The rand reached its worst level of 14.7675 on Friday. The predicted trading range for the rand today is between 14.7000 and 14.9500.
The improvement in dollar comes as investors turned risk averse amid concerns around debt-laden Chinese developer Evergrande’s inability to pay part of its massive debt due on Thursday. There will be close focus on the South African Reserve Bank’s monetary policy meeting on Thursday, September 23rd. The meeting will focus on where interest rates are heading in reference to the economy.
Market focus will also be on local Consumer Price Index (CPI) numbers which are due on Wednesday, September 22nd as well as the U.S. Federal Reserve’s policy meeting. This meeting is important for clues on when it will start tapering its bond purchase programme.
Foreign Exchange Rates
At time of writing:
The Rand traded at 14.8062 versus the dollar.
- GBP: 20.24
- Euro: 17.34
- Gold: 1754 USD
- Bitcoin: 45 041 USD