Rand News Update │ Rand on backfoot as USD spikes

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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 on the backfoot as there was a massive spike of the USD. The rand traded between a range of 15.63 to 15.83 on Tuesday. On Wednesday it reached its highest level of 15.9875, while local markets were closed. The predicted trading range for the rand today is between 15.7500 and 16.1500.

There are various global factors contributing to the rand’s weakness. Factors include the new surge of Covid-19 infections in China forcing more lockdowns. Larger economies are still struggling to recover from the destruction caused by the pandemic and geopolitical tensions is still ongoing.

There has been a surge in Covid-19 cases in South Africa, with majority being reported in Gauteng. In the last 24-hour monitoring period there has been three deaths reported, and 37 860 active cases.

Foreign Exchange Rates

At time of writing:

The Rand traded at 15.8536 versus the dollar.

  • GBP: 19.86
  • Euro: 16.69
  • Gold: 1887 USD
  • Bitcoin: 39 695 USD

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