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 has managed to hold onto gains achieved in yesterday’s session, reaching its best level of 18.7525 for the day. Concerns are increasing that other neighbouring countries could get involved in the war in the Middle East, casing the USD to trade weaker. The predicted trading range for the rand today is between 18.6000 to 19.0000.
Local data releases for today are the October Monetary Policy Review from the South African Reserve Bank. Investors will use this data to look for insight on the country’s economic health. Gold prices and oil prices declined considering the crisis in Gaza. U.S. President Joe Biden is scheduled to visit Israel this week in support of the country.
The rand will look for support at 18.68, 18.59 and then a low of 18.42. The resistance levels for the rand are at 18.93, 19.09, following with a high of 19.25.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.8055 versus the dollar.
GBP: 22.87
Euro: 19.84
Gold: 1921 USD
Bitcoin: 28 405 USD
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