Rand News Update │ Rand still trading above 16.0000

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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 still trading above a level of 16.0000 as global risk appetite remains volatile. On Friday the local unit reached a high of 16.3675 as South Africa was placed on various restricted travel lists. The predicted trading range for the rand today is between 15.9000 and 16.4000.

The new Covid-19 variant has been identified and given the name, Omicron. The new variant has caused risk assets losing its value and the once again impacting the hopes of a global recovery. Emerging markets are very vulnerable as the stronger USD is posing a risk.

President Cyril Ramaphosa announced on Sunday night, that no new lockdown measures will be put in place. President Ramaphosa said that authorities are maybe considering making Covid-19 vaccinations mandatory for specific places and activities. The country is busy experiencing a rise in infections that are linked to the new variant. This could possibly lead to a fourth wave.

Foreign Exchange Rates

At time of writing:

The Rand traded at 16.1225 versus the dollar.

  • GBP: 21.49
  • Euro: 18.19
  • Gold: 1798 USD
  • Bitcoin: 56 913 USD

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