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 some small improvements yesterday but was quickly pushed down by the demand for USD. The local unit traded above the 15.2000 level in the overnight session but managed to pull back again to trade at a level of 15.1400. The predicted trading range for the rand today is between 14.9000 and 15.0000.
The dollar is showing significant strength as we reach month-end. The rand traded at a level of 14.5000 at the beginning of the month, even improving close to a level of 14.0000. Although it traded much weaker in the second half of the month. This the weakest the rand has been since August 23rd. Analysts are expecting that the U.S. Federal Reserve will start with a tapering from November with a possible rate hike in late next year.
Asian shares are trading a lot more stable for the moment even though China is stull under pressure. Gold prices increased slightly, even though the dollar is so strong with increased U.S. Treasury yields.
Foreign Exchange Rates
At time of writing:
The Rand traded at 15.1483 versus the dollar.
- GBP: 20.36
- Euro: 17.57
- Gold: 1731 USD
- Bitcoin: 43 148 USD