Rand News Update │ Rand continue to improve

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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 continuing to improve, reaching its best level of 14.7050 in yesterday’s session. The local unit’s gains have been supported by markets predicting that the South African central bank will increase its main lending rate at its next monetary policy meeting in November. The decline in the dollar, increase in the gold price and the demand for local bonds are all playing in favour of the ZAR. The predicted trading range for the rand today is between 14.5000 and 15.0000.

Local domestic economic data released for August is portraying an outlook that the economic recovery from the COVID-19 pandemic has been uneven across all sectors. The Department of Health have reported 947 new Covid-19 cases in the last 24-hour monitoring period. There has also been a number of 40 Covid-19 related deaths recorded. Up to date the country has administered 19 899 964 vaccines.

There has been lots of talks about regulating crypto currencies. Regulators around the world have now begun to compile a public policy framework through which to manage the massive growth of crypto assets. The two largest cryptocurrencies, Bitcoin and Ethereum, have slipped more than 30% in value this year. The cryptocurrencies managed to recover but are still in a volatile state. Prices are very sensitive to external triggers.  

Foreign Exchange Rates

At time of writing:

The Rand traded at 14.6814 versus the dollar.

  • GBP: 20.14
  • Euro: 17.03
  • Gold: 1786 USD
  • Bitcoin: 59 001 USD

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