Rand News Update │ Rand performs as USD lose ground

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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 performing well as the USD lose more ground. The foreign exchange markets were relatively quiet yesterday. The local unit opened yesterday’s session trading at a level of 14.97 and strengthened throughout the day to close at a level of 14.7900. The predicted trading range for the rand today is between 14.6500 and 14.9500.

 The rand pulled strength from the U.S. Federal Reserve’s hawkish comments which led to improved risk sentiment in global markets. The ZAR is 0.3% stronger today as it etches closer to a five-month high. Predictions are that the South African Reserve Bank will raise interest rates on Thursday.

Last night President Cyril Ramaphosa addressed the nation and made some changes to the current Covid regulations in the country. Some of the changes include:

  • Both indoor and outdoor venues can now take up to 50% of their capacity
  • No masks are required when walking in public, exercising, or attending outdoor gathering
  • Social distancing decreased to one metre except in schools
  • International travellers entering the country need to show proof of vaccination or negative PCR test

Foreign Exchange Rates

At time of writing:

The Rand traded at 14.8297 versus the dollar.

  • GBP: 19.66
  • Euro: 16.34
  • Gold: 1920 USD
  • Bitcoin: 42 192 USD

To start sending and receiving money today, download the SFX app now on Android or iOS

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