Rand News Update │ Rand posting steady gains

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 is posting steady gains after it quickly reached below a level of 17.0000 in yesterday’s session. Although the local unit improved, it reached a high of 17.1800. The predicted trading range for the rand today is between 16.9500 and 17.4000.

Foreign exchange markets will be trading with caution as there are various announcements due from central banks later this week. Thursday we are expecting meetings from the South African Reserve Bank and from the European Central Bank. Local focus today will be on the CPI release for the Eurozone.

As Europe is entering into their summer months, there has also been a spike in Covid infections with fears of a possible major third wave this year. Scientists had speculated that by now Covid would have adopted a seasonal pattern, but with new variants discovered that is not possible.

Foreign Exchange Rates

At time of writing:

The Rand traded at 17.0214 versus the dollar.

  • GBP: 20.43
  • Euro: 17.41
  • Gold: 1711 USD
  • Bitcoin: 21 867 USD

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

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