Rand News Update │ Rand holding onto its recent gains

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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 holding onto its recent gains and is now trading at a level of 14.6000. Yesterday we saw the demand for the USD increase and reach its highest level of the day at 14.8000. After this it recovered to a level of 14.6825 at closing. The predicted trading range for the rand today is between 14.4500 and 14.8500.

The USD and ZAR pair is testing support around 14.6000 level. It may hold steady around this level for a while longer, although the trend is showing that a move to the downside is more likely as the market reflects on last month’s late increase.

Asian shares increased on Tuesday, which is supported by a tech-driven Wall Street rally and a bounce back in Chinese markets. This is after the release of poor data increased investors’ concerns about the world’s second largest economy. Gold prices rose on Tuesday, as the dollar is weaker and U.S. bond yields are lending some support to the precious metal. A decrease in oil prices is testament to recent data released from the U.S. showing factory output has dropped in September. This raise concerns over the recovery pace from the coronavirus pandemic.

Foreign Exchange Rates

At time of writing:

The Rand traded at 14.5536 versus the dollar.

  • GBP: 20.06
  • Euro: 16.96
  • Gold: 1780 USD
  • Bitcoin: 62 083 USD

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