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 struggled to find support yesterday when it went below the 15.0000 level. The local unit reached a high of 15.1525 in yesterday’s session but trading slightly better at the time of local open at t level around 14.9700. The predicted trading range for the rand today is between 14.9000 and 15.4000.
The big USD spenders are still waiting on a weaker dollar. Factors such as the increased oil price and global concerns over China’s growth outlook is not helping the rand at all. Short-term indicators are still showing high levels.
The rand will stay under pressure for as long as energy prices and inflation risks are increasing, and the South African Reserve Bank are not sending out any more belligerent signals. After SARB’s meeting last week, they left the lending rate at a record low of 3.5%, announcing that an economic bounce-back from the global Covid-19 pandemic is mostly over.
Foreign Exchange Rates
At time of writing:
The Rand traded at 14.9865 versus the dollar.
- GBP: 20.26
- Euro: 17.48
- Gold: 1741 USD
- Bitcoin: 42 413 USD