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 moving closer to levels of 19.00 as it traded as high as 18.75 in yesterday’s session. The local unit opened the new week at a level of 18.4800. The predicted trading range for the rand today is between 18.6000 to 19.1000.
Market focus will be on the Chinese and U.S. inflation data due tomorrow, while South African markets will be closed due to a holiday. There is no obvious reason why the rand is underperforming, but volatility will probably continue.
Gold prices are slightly lower as the dollar is gaining strength. Investors will use the U.S. inflation numbers to gauge whether more rate hikes are going to take place.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.7896 versus the dollar.
Gold: 1932 USD
Bitcoin: 29 157 USD