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 on trend to reach a level of 16.0000. The last session of the previous week saw the rand reach its worst level of 15.7875. All foreign exchange markets traded worse off compared to the USD. The rand got a knock after the MPC announcement, which just kept worsening and is currently trading at a level close to 15.8000. The predicted trading range for the rand today is between 15.5000 and 16.0000.
On Friday, rating agencies S&P and Moody’s decided not to release reviews on South Africa. S&P have a current rating of BB with a stable outlook and Moody’s have a Ba2 rating with a negative outlook. Markets are still in favour of the dollar as predictions are that the U.S. will increase their rate at an earlier time than expected.
Europe are seeing a big increase in Covid-19 cases which has led to more demand for the USD and a decrease in oil price. Austria is considering a full lockdown, while Germany has also considered the same route.
Foreign Exchange Rates
At time of writing:
The Rand traded at 15.7284 versus the dollar.
- GBP: 21.12
- Euro: 17.74
- Gold: 1842 USD
- Bitcoin: 57 395 USD