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 slightly better at levels between 14.7000 and 14.6500. Yesterday the rand moved in a range of 14.7500 and 14.8600. The much-awaited economic data and central bank meetings are due later this week, which market contributors are watching closely to respond. The rand is still volatile as its has not been able to recover any of the gains lost over the previous session. The predicted trading range for the rand today is between 14.6000 and 14.9000.
There is still much concern over China’s property group, Evergrande’s massive debt and possibility of solvency. Majority of market focus this week will be on the U.S. Federal Reserve’s recommendations for tapering and interest rate increases.
We saw an increase of oil prices on Tuesday, as there are concerns over U.S. supply. Global markets are still wary of the current economic crises that China is facing now. Global utilities are choosing to using fuel oil since the increase in gas and oil prices. But a contributing factor is also the concerns of persistent blackouts from the Gulf of Mexico after Hurricane Ada, which is causing less supply available.
Foreign Exchange Rates
At time of writing:
The Rand traded at 14.6806 versus the dollar.
- GBP: 20.07
- Euro: 17.22
- Gold: 1761 USD
- Bitcoin: 42 819 USD