Rand News Update │ Rand trading on backfoot

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The South African rand is trading on the backfoot after it made a quick recovery to trade at a level of 15.9300 at the close of last week. During the overnight session on Friday the local unit reached a high of 16.1800. The predicted trading range for the rand today is between 15.9000 and 16.4000.

The little support the rand did encounter was from the U.S. data released. But factors like the increasing Covid-19 cases in South Africa and the aftermath of the devastating floods has pushed the rand to trade much over the 16.0000 level.

Oil prices dipped as investors are anticipating the EU to vote on a Russia ban. The European Union are in discussion to put bans on oil imports from Russia which will tighten global supplies. China has extended its Covid-19 lockdowns which is again damaging its economy.

Foreign Exchange Rates

At time of writing:

The Rand traded at 16.1809 versus the dollar.

  • GBP: 19.88
  • Euro: 17.02
  • Gold: 1865 USD
  • Bitcoin: 33 350 USD

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