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 made a quick recovery late yesterday afternoon to trade at a level below 15.0000. The local unit struggled to maintain its recovery as offshore-driven demand forced it above the 15.1000 level. The predicted trading range for the rand today is between 14.7500 and 15.2500.
The rand’s weakness is also guided by investors’ concerns pertaining to the slow demand for commodities from China and the effects this will have on the local economy. South Africa, which is Africa’s most industrialised nation, is showing a strong performance in the first half of the year. Sectors like mining suffered a massive blow in July as the country endured riots and unrest.
Asian shares declined on Tuesday as investors are still concerned about China’s Evergrande unsolved debt crisis, which can possibly impact the growing power shortage in China. Gold prices are trading stable as China’s debt crisis are providing relief to the safe-haven metal while the U.S. dollar is trading stronger.
Foreign Exchange Rates
At time of writing:
The Rand traded at 15.0515 versus the dollar.
- GBP: 20.57
- Euro: 17.58
- Gold: 1742 USD
- Bitcoin: 41 839 USD