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 managed some gains in the overnight session to reach a level of 18.50. The local unit reached a high of 18.7550 in yesterday’s session. The predicted trading range for the rand today is between 18.3000 to 18.8000.
The local unit is taking advantage of the weaker dollar. The rand is supported by the dollar’s movement and not much influenced by the local struggles such as the increasing loadshedding. Dovish comments from the Federal Reserve suggested that markets are expecting interest rate cuts to happen in the first half of next year. This is causing the dollar to weaken.
The South African Reserve Bank is due to release its Financial Stability Review later today. Analysts will use this data as insight on the local economy’s risks.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.4988 versus the dollar.
Gold: 2042 USD
Bitcoin: 38 300 USD