Rand News Update │ Rand volatile as 4th wave looms

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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 in a volatile state as the country is entering its 4th wave of coronavirus infections. There are no major risk events due for the rest of the year, which gives the local unit some room for strengthening.

The fact that the Omicron variant is less severe that what was expected, seems to be boosting market sentiment. The National Coronavirus Command Council has decided to keep South Africa’s restrictions low as we head into the festive season. The fact that the UK removed SA from their red list is still up for debate if it will at all have a meaningful impact on the tourism industry.

Gold prices increased on Friday as the U.S. dollar and Asian stock markets battled to hold onto any gains. This came after various central bank meetings has highlighted the continuing threat of an increase in global inflation.

Foreign Exchange Rates

At time of writing:

The Rand traded at 15.8898 versus the dollar.

  • GBP: 21.15
  • Euro: 18.00
  • Gold: 1807 USD
  • Bitcoin: 47 178 USD

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