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 in a positive environment as it moved below 15.3000. The rand had a very positive day yesterday, reaching its best rate of 15.1550 for the day. Although it quickly moved towards the 15.3000 technical support level. The predicted trading range for the rand today is between 15.0000 and 15.5000.
Data due this week is domestic inflation data as well as retail sales data. Today the South African Reserve Bank’s three-day monetary policy committee meeting will commence and on Thursday they will decide on the interest rates. Last year, SARB decreased the repo rate by 300 basis points which was a record low. This came as the world were facing the global Covid-19 pandemic. Inflation has increased form 4.6% in July to 5% in September.
Bitcoin and other cryptocurrencies made a sharp decline on Tuesday. The National Development and Reform Commission said that it will continue to eliminate virtual currency mining in China. Beijing is concerned about the amount of energy being used by mining.
Foreign Exchange Rates
At time of writing:
The Rand traded at 15.2583 versus the dollar.
- GBP: 20.50
- Euro: 17.36
- Gold: 1864 USD
- Bitcoin: 60 863 USD