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Rand News Update │ Rand back to weakening trend

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, or want the latest money transfer news.


The South African rand is again showing a weakening trend. The local unit traded between a range of 18.8600 to a high of 19.0050 during yesterday’s session. The rand is very volatile ahead of the budget announcement tomorrow. The predicted trading range for the rand today is between 18.8500 to 19.2000.


Local market focus will shift to Finance Minister Enoch Godongwana’s budget speech on Wednesday. Economist are expecting to hear a decline from last year’s mid-term budget, with various factors contributing to an even bigger deficit. The South African Reserve Bank said that it wants to see an obvious decrease of inflation before lowering interest rates.


The Central bank of Australia met yesterday, where they considered increasing rates with 25 basis points. Although the conclusion was to leave rates unchanged until they can see lower inflation numbers. The rand will look for support at 18.93, 18.86 and then a low of 18.75. The resistance levels for the rand are at 19.11, 19.18, following with a high of 19.30.

 

Foreign Exchange Rates

At time of writing:

The Rand traded at 18.9655 versus the dollar.

  • GBP: 23.87

  • Euro: 20.43

  • Gold: 2022 USD

  • Bitcoin: 51 955 USD

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Rand News Update │ Rand weaker at level of 18.70

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, or want the

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