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 on course to improve even more today. The next short-term technical objective at 15.5000 is in reach. Yesterday trading session was very quiet with a small range of movement. This morning early the rand quickly traded below the 15.7000. The predicted trading range for the rand today is between 15.5000 and 16.0000.
The local unit has mainly been positive this week, with no major headlines throwing it off course. Investors are cautious ahead of various data releases such as current account, mining, and manufacturing figures. South Africa’s economic recovery from the global Covid-19 pandemic has been bumpy across all areas. Especially with the riots in July which added to an economic dip in the third quarter.
The global market sentiment is very cautious as focus is on the release of U.S. inflation data due tomorrow as well as the Federal Reserve meeting next week. The ZAR has gained more than 2% against the greenback this week as uncertainties over the Omicron variant died down. As a result of early reports suggesting that the new variant is only causing mild symptoms.
Foreign Exchange Rates
At time of writing:
The Rand traded at 15.7677 versus the dollar.
- GBP: 20.81
- Euro: 17.84
- Gold: 1782 USD
- Bitcoin: 49 226 USD