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 showing a small recovery on Monday morning. It opened on 16.0550 in the early session but is currently trading on a level of 15.9000. The local unit managed to reach below 16.0000 last week but struggling to remain at that level. The predicted trading range for the rand today is between 15.8500 and 16.2500.
The country is now entering its fourth wave as the Omicron coronavirus variant is the biggest cause of the South Africa’s infections. Anecdotal reports from South African doctors and experts have said that the Omicron variant may be casing less severe clinical symptoms than other previous variants.
After the first detection in the country last month, the rand spiked to a record high for the year. This triggered countries such as Britain and the United State to implement travel restrictions on the country. The rand’s recovery is dependent on the market expectations for the U.S. Federal Reserve monetary policy tightening.
Foreign Exchange Rate
At time of writing:
The Rand traded at 15.9742 versus the dollar.
- GBP: 21.17
- Euro: 18.05
- Gold: 1780 USD
- Bitcoin: 47 442 USD