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 trading sturdy at a level of 14.60 level. On Friday the local unit closed the session at a level around 14.7000 after reaching its best level of 14.6025. The rand was one of the best emerging markets performers on Friday, as it reached its short-term technical objective at around 14.6000 level. The predicted trading range for the rand today is between 14.4500 and 14.8500.
The rand is showing weakness as soft economic data in China boosted the dollar and triggered investors to sell riskier assets. China is South Africa’s largest trading partner. Data released on Monday showed that China’s economic growth has reached its slowest rate in a year in the third quarter. This was caused by power shortages, supply chain bottlenecks and major upsets in the property market.
Local market data expected on Wednesday, will reveal the September consumer price index. The announcement will probably draw the most attention.
Foreign Exchange Rates
At time of writing:
The Rand traded at 14.7399 versus the dollar.
- GBP: 20.22
- Euro: 17.07
- Gold: 1763 USD
- Bitcoin: 61 748 USD