Rand News Update │ Rand quickly losing ground

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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 quickly lost ground in yesterday’s session and will most likely remain cautious heading into the weekend. Yesterday the local unit reached a high of 15.1875 after recovering somewhat to close the session at a level of 15.0950. The predicted trading range for the rand today is between 15.0000 and 15.3000.

Monday is a public holiday in South Africa as the country is taking part in local municipal elections. The markets will be wary and vigilant ahead of the elections. The losses we are seeing in the rand is partly because of the current load shedding situation as well as the uncertainty of the elections on Monday.

Data released by the South African Reserve Bank released earlier today, showed that the private sector credit increased. It grew by 1.6% year on year in September, compared to a 1.2% growth in August.

In the last 24-hour monitoring period, the Department of Health have recorded 18 568 active cases in the country with an additional 55 Covid-19 deaths. South Africa’s recovery rate is on 96.3% with a total of 22 116 947 vaccinations administered.

https://sacoronavirus.co.za/2021/10/28/update-on-covid-19-thursday-28-october-2021/

Foreign Exchange Rates

At time of writing:

The Rand traded at 15.2181 versus the dollar.

  • GBP: 21.00
  • Euro: 17.77
  • Gold: 1797 USD
  • Bitcoin: 60 734 USD

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