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 at a vulnerable position, along with its emerging-market peers, while the USD keep on making gains. On Friday the rand reached its best level of 14.7900, but that was very short-lived and by the time of close it traded back at a level of 14.9750. Trading activity will be cautious as the U.S. have a holiday today. The predicted trading range for the rand today is between 14.8000 and 15.3000.
The weakness of the rand is cause by confident investors, which predict that the U.S. Federal reserve will start tapering its stimulus this year. Even though the U.S. showed a decline of jobs in September, the Federal Reserve will still go ahead with decreasing its support for the economy by next month.
Local market focus will be on the September business confidence survey which is due later today. The mining and manufacturing production numbers is due tomorrow and retail sales numbers on Wednesday. Oil prices increased on Monday, while there are supply issues from major producers. The demand for fuel has also increased as economies are trying to recover from the global coronavirus pandemic.
Foreign Exchange Rates
At time of writing:
The Rand traded at 14.9398 versus the dollar.
- GBP: 20.38
- Euro: 17.28
- Gold: 1755 USD
- Bitcoin: 56 468 USD