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 did not manage to hold onto its gains from yesterday, breaking through the 16.0000 level. The local unit failed to trade below the short-term technical support level of 15.7000. The predicted trading range for the rand today is between 15.7500 and 16.2500.
If the rand shows any strength today, it will be met with improved demand for USD. The rand’s weakness is linked to a surge in South Africa’s Covid-19 cases as well as U.S. data which is due later today. This data will provide an outlook on inflationary pressure.
South Africa has recorded more than 22 000 new Covid-19 cases yesterday, is driven by the current fourth wave. Majority of the infections can be linked to the Omicron variant. These numbers are still below the peak of more than 26 000 daily cases during the third wave of the Delta variant.
Foreign Exchange Rates
At time of writing:
The Rand traded at 16.0160 versus the dollar.
- GBP: 21.14
- Euro: 18.07
- Gold: 1770 USD
- Bitcoin: 48 364 USD