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 recovered to level of 15.9000 yesterday afternoon. This came after U.S. Federal Reserve Chair, Jerome Powell delivered hawkish comments. The greenback and several other major currencies dipped. The rand reached its best level of 15.8875 late in yesterday’s session. The predicted trading range for the rand today is between 15.6500 and 16.0500.
Last week Friday the local currency slumped to its weakest level since October 2021, reaching a level above 16.00 to the dollar. This was a response of the news of the new Omicron variant which was first identified in South Africa. Markets stabalised on Wednesday after health experts and vaccine manufacturers said that the Covid-19 vaccines were likely offer some defence against the new variant.
Oil process recovered slightly after declines from the previous day, but there is a risk of increased fuel demand from the Omnicron variant. Opec planned to increase their supply in January 2022, but producers may struggle to add to the supply.
Foreign Exchange Rates
At time of writing:
The Rand traded at 15.8815 versus the dollar.
- GBP: 21.14
- Euro: 17.98
- Gold: 1783 USD
- Bitcoin: 57 185 USD