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Rand News Update │ Rand encounters more strength

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 making small gains, with additional strength a possibility according to short term technical indicators. The local unit traded in a range of 18.7000 and a high of 18.8550, after which it recovered back down to 18.7325 by the time of close. The predicted trading range for the rand today is between 18.5000 to 18.9000.

Trading activity will be limited today as the U.S. is on holiday, celebrating Independence Day. There are no major data releases scheduled for today. Most central banks are following suit from the U.S. Federal Reserve Bank, as the Reserve Bank of Australia left interest rates unchanged. But they did announce that future monetary policy tightening will be required.

Gold prices made little movement on Tuesday due to today’s holiday in the U.S. Traders are anticipating the U.S. Federal Reserve’s minutes of the June meeting on Wednesday. They will use this information for clues on the direction of the interest rate in future.

Foreign Exchange Rates

At time of writing:

The Rand traded at 18.7041 versus the dollar.

  • GBP: 23.73

  • Euro: 20.40

  • Gold: 1927 USD

  • Bitcoin: 30 946 USD

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