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 has improved significantly and is now trading at a level below 14.8000. This week started off trading at a level of 14.9500 and made huge gains yesterday to trade at its best level of 14.7900 yesterday. The local unit has managed to break through the initial short-term technical objective of 14.7500. The predicted trading range for the rand today is between 14.6000 and 15.1000.
The rand’s strength is a bit surprising taking in consideration that the U.S. economic stimulus tapering will start next month. The local unit has been mainly influenced from moves in global market sentiment in the recent weeks, whilst there is an absence of major local catalysts.
The U.S. dollar has reached its lowest point of the week against the major currency pairs on Thursday. The greenback saw a decline from its recent rally after reaching a one year high as investors are expected that the U.S. Federal Reserve will increase interest rates.
Foreign Exchange Rates
At time of writing:
The Rand traded at 14.7295 versus the dollar.
- GBP: 20.20
- Euro: 17.11
- Gold: 1796 USD
- Bitcoin: 57 552 USD