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 improved just below a level of 19.00. The local unit traded in a range between 18.88 to 19.04 in yesterday’s session. The predicted trading range for the rand today is between 18.7500 to 19.1500.
Markets are currently in a risk off sentiment, which is caused by ongoing geopolitical risks in the Middle East, coupled with increasing tension at the Red Sea. The minutes from the European Central Bank’s meeting in December, mentioned that interest rates won’t be lowered before mid-2024. Gold has suffered its biggest weekly loss since early December.
The rand will look for support at 18.83, 18.72 and then a low of 18.58. The resistance levels for the rand are at 19.08, 19.22, following with a high of 19.37.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.9795 versus the dollar.
GBP: 24.06
Euro: 20.65
Gold: 2029 USD
Bitcoin: 41 225 USD
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