Rand News Update โ”‚ Rand stable as Covid cases increase

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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 stable at a level between 15.8000 and 15.9000. Although the countryโ€™s coronavirus cases is increasing. Global detection and spread of the Omicron variant are continuing to restrict risk appetite. The local unit is trading 0.47% firmer today than its previous close of 16.0500.

The National Institute for Communicable Diseases released new data on Wednesday. This data is showing that 74% of all the virus genomes it had sequenced in November had been of the new variant. Data is also suggesting that the Omicron variant seemed to be dodging some immunity, but vaccines should still offer protection against severe disease. This new Omicron strain has been found in places as widespread as Australia, Britain, Canada, and Japan.

Markets will continue to trade volatile and full of uncertainty until there is more clarity about the Omicron variant. Health care specialist are trying to establish the Omicronโ€™s transmissibility, its illness it creates and its interaction with the vaccines. Moderna has announced that it will start with production of a booster shot which will be ready for distribution by March.

Foreign Exchange Rates

At time of writing:

The Rand traded at 15.8579 versus the dollar.

  • GBP: 21.11
  • Euro: 17.20
  • Gold: 1771 USD
  • Bitcoin: 57 115 USD

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