Rand News Update │ Rand on the back-foot as USD gains

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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 is trading on the back foot as the USD is posting massive gains. Support for the dollar increased as Federal Reserve chairman, Jerome Powell got reappointed. Yesterday the rand reached its worst level of 15.8300 for the day. The predicted trading range for the rand today is between 15.6000 and 16.1000.

Asia stocks a dipped and gold prices increased as President Joe Biden reappointed Jerome Powell as the Federal Reserve Chair for a second term. This has supported the expectation that the U.S. will taper its stimulus very soon.

World stocks started this week off very vigilant after a weekly consecutive drop. Emerging market currencies, along with the euro are struggling greatly as traders are cautious of the risks that the lockdown restrictions in Europe will have on the global economy.

Foreign Exchange Rates

At time of writing:

The Rand traded at 15.7806 versus the dollar.

  • GBP: 21.12
  • Euro: 17.77
  • Gold: 1797 USD
  • Bitcoin: 56 515 USD

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