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 following a seesaw trend as its again trading in the 18.70s. Similar to earlier this week where the local unit traded in a range of 18.50 to 18.70 in one trading session. Local trading condition are likely to remain cautious ahead of month end. The predicted trading range for the rand today is between 18.4000 to 18.9000.
Gold prices steadied after five days of improving, reaching an all time high. The bullion found support form the U.S. Federal Reserve saying that rate cuts will happen in the first half of next year.
Local data due today is the country’s producer price index data for October. Analysts are predicting that supply-side inflation will rise to 5.8% year-on-year.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.7614 versus the dollar.
GBP: 23.76
Euro: 20.50
Gold: 2041 USD
Bitcoin: 37 669 USD
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