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Rand News Update │ Rand holding on to gains made

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 holding onto its gains as its trading below a level of 18.8000. The local unit reached a high of 18.9200 is yesterday’s session, but quickly traded back towards a low level of 18.7100. The predicted trading range for the rand today is between 18.5000 to 19.0000.

Local market for today will be on the CPI and Retail Sales numbers due today. The Consumer Price Index is expected at 5.3% year on year with a core at 4.7%. The U.S. Retail Seales for September was released yesterday and came in higher tan expected. The strong retail sales mean the rates in the U.S. could stay higher for longer.

Oil prices increased as tensions increased in the Middle East after a deadly bombing at a Gaza hospital. The conflict is unlikely to calm down, with fears increasing that its can spill over to neighbouring regions. The rand will look for support at 18.70, 18.59 and then a low of 18.49. The resistance levels for the rand are at 18.92, 19.03, following with a high of 19.14.

Foreign Exchange Rates

At time of writing:

The Rand traded at 18.7304 versus the dollar.

  • GBP: 22.83

  • Euro: 19.81

  • Gold: 1939 USD

  • Bitcoin: 28 508 USD

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