Rand News Update │ Rand struggling to gain momentum

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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 struggling to gain momentum while concerns over the Omicron coronavirus variant is making a big presence. The ongoing panic about the spread of the new variant has put pressure on the dollar and other riskier currencies. The predicted trading range for the rand today is between 15.7500 and 16.2500.

Global economic outlook is becoming less attractive as the concern of stricter restrictions is increasing. This is impacting on economic activity as we enter the final quarter of the year. The seriousness of the fourth wave could result in the South African economy starting on a more relaxed path than previously thought.

On Thursday, the National Institute for Communicable Diseases identified 11 535 new Covid-19 cases. The country is now on a 22.4% positivity rate. Majority of new cases were recorded in Gauteng while the Western Cape coming in second.

Foreign Exchange Rates

At time of writing:

The Rand traded at 16.0286 versus the dollar.

  • GBP: 21.29
  • Euro: 18.09
  • Gold: 1767 USD
  • Bitcoin: 56 517 USD

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