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 suffered a massive blow over the weekend to trade at a level close to 15.5000. The local unit came under fire yesterday as it was a public holiday due to elections. The absence of liquidity and the troubling local factors also caused some pressure on the rand. The next technical level for the rand to reach is at 15.7500. The predicted trading range for the rand today is between 15.25000 and 15.7500.
Markets are anticipating municipal election results ahead of scheduled global central bank meetings which will set the sentiment for risk appetite for next year. Global focus is on the Reserve Bank of Australia, which announced it will loosen pandemic stimulus policies by ditching the very low target for bond yields. This will kick start an earlier hike in cash rates.
In other areas in the world, the U.S. Federal Reserve and Bank of England are due to discuss their policy decisions later this week. If developed countries with higher rates reduce their capital away from higher yielding but riskier emerging markets, such as South Africa, it puts a lot of pressure on their currencies.
Foreign Exchange Rates
At time of writing:
The Rand traded at 15.3751 versus the dollar.
- GBP: 20.98
- Euro: 17.83
- Gold: 1795 USD
- Bitcoin: 61 683 USD