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 lost its recent gains after trading back above a level of 14.6000 on Friday. Yesterday the rand opened the session at a level of 14.4400, but the improved levels of the rand is creating demand for the USD causing it to trade weaker. The local unit reached its worst level of 14.6900 during the overnight session. The predicted trading range for the rand today is between 14.4500 and 14.9500.
The rand’s strengthening on Thursday was brough about from an unexpected interest payment from China Evergrande Group, which put hope back to emerging markets. U.S. data released showing strong earnings supported the USD.
Doubt has started that the Federal Reserve will raise interest rates in November. This will result in a decline in commodity prices, which will halt the rand from gaining any more. The ZAR will mostly benefit when investors are willing to take on more risk in developing countries, like South Africa.
Foreign Exchange Rates
At time of writing:
The Rand traded at 14.5687 versus the dollar.
- GBP: 20.11
- Euro: 16.96
- Gold: 1790 USD
- Bitcoin: 63 565 USD