Rand News Update │ Rand improved to below level of 17.10

money transfers and the african continent economy

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 improved to trade at a level of 17.1000 after opening last week Friday’s session at a level of 17.2000. The EUR is also showing signs of recovery which is in favour of the rand. The predicted trading range for the rand today is between 16.8000 and 17.3000.

The short-term technical objective is suggesting an improvement of 16.8000 as its recovering. Local markets will trade with caution ahead of the SARB meeting later in the week. The rand is trading 0.34% stronger against the dollar compared to its previous close. Analysts are predicting that the rand will continue to retreat to a level of about 17.0000 until new factors occurs.

Oil prices improved as the USD is trading weaker. Supplies are tapering down as recession and the new spike of Covid-19 infections in China are putting a damper on the fuel demand.

Foreign Exchange Rates

At time of writing:

The Rand traded at 17.0610 versus the dollar.

  • GBP: 20.39
  • Euro: 17.29
  • Gold: 1719 USD
  • Bitcoin: 22 245 USD

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