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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 managed to hold onto its gains made on Friday. The local unit traded between levels of 18.86 to 18.98 during Friday’s session. U.S. markets are closed today because of holiday, so we can expect muted markets. The predicted trading range for the rand today is between 18.7500 to 19.1000.


Local market focus will now shift to the Budget speech due on Wednesday. Stakeholders are expecting direction on taxation, government expenditure allocations and policy reforms. The Budget speech also gives insightful views on the rand’s immediate performance.


Global market focus this week will be on the U.S. FOMC minutes due on Wednesday. Expectations are that the Federal Reserve will keep interest rates high for longer. The rand will look for support at 18.81, 18.74 and then a low of 18.64. The resistance levels for the rand are at 18.97, 19.05, following with a high of 19.14.

 

Foreign Exchange Rates

At time of writing:

The Rand traded at 18.8630 versus the dollar.

  • GBP: 23.81

  • Euro: 20.34

  • Gold: 2020 USD

  • Bitcoin: 52 388 USD

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