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 trading steady at a level below 19.00. On Friday the local unit reached its best level of 18.8525, although it was short lived and closed again at levels of 19.00. The predicted trading range for the rand today is between 18.7000 to 19.1500.
The rand is strengthening slightly as tensions in the Middle East are increasing. Concerns are increasing that Iran will be pulled into the conflict causing the oil prices to spike. The dollar is trading on the back-foot and eased 0.1% against other major currencies.
Market focus this week is on Federal Reserve Jerome Powell’s speech, where market will be watching closely for insight on the US rate path. The rand will look for support at 18.95, 18.87 and then a low of 18.76. The resistance levels for the rand are at 19.07, 19.15, following with a high of 19.23.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.9122 versus the dollar.
Gold: 1910 USD
Bitcoin: 27 830 USD