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 stable above the 16.0000 level as market activity and cash flow decline. Yesterday we saw the rand trading slightly stronger after the price action panic on Friday. The predicted trading range for the rand today is between 15.8500 and 16.3500.
Covid-19 related headlines are playing a big role in the foreign exchange markets. Short-term technical indicators are showing buyer interest, but headlines are still the current market influencers. The rand has slumped to its weakest since October last year, after the discovery of the new Covid-19 variant.
Reports suggested that South Africa’s Covid-19 infections rate could triple to more than 10 000 by the end of this week. Infectious disease experts are working to find out more about the variant. Asian stocks are also being affected by the worrying coronavirus variant.
Foreign Exchange Rates
At time of writing:
The Rand traded at 16.1392 versus the dollar.
- GBP: 21.56
- Euro: 18.33
- Gold: 1797 USD
- Bitcoin: 56 620 USD