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 continue to post gains after it started the week off trading at a level of 18.7250. The local unit opened this morning’s session trading at a level of 18.40 to 18.50. The predicted trading range for the rand today is between 18.2500 to 18.7500.
The short-term technical indicators are suggesting that we are experiencing an oversold market. Which means that the rand has fallen sharply and is expected to bounce higher. Market focus today will be on the U.S. CPI and the Federal Reserve’s Beige Book releases.
The U.S. inflation data could give some insight into the direction the Fed will move in future rate hikes, although the weaker dollar was spurred by expectations of an end to interest rate hikes in the U.S.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.4950 versus the dollar.
Gold: 1935 USD
Bitcoin: 30 728 USD