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 improved in the late afternoon session to trade at a level of 18.30s. The local unit traded in a wide range of 18.32 to 1862 in yesterday’s session. The USD is trending weaker as it is trading on the defensive which is resulting in a stronger ZAR.
The ongoing war in the Middle East has now extended to other regions, such as the Iranian-backed Houthi rebels attacking ships on the Red Sea. This is causing massive logistical headaches and it’s a huge impact on shipping. Although the U.S. task force is set up to assist, container ships are avoiding the area.
The USD/ZAR pair looks like it could move even further, and a possibility of a break below 18.10 would indicate a drop below a level of 18.00. The rand will look for support at 18.19, 18.07 and then a low of 17.85. The resistance levels for the rand are at 18.42, 18.53, following with a high of 18.75.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.2979 versus the dollar.
Gold: 2041 USD
Bitcoin: 42 860 USD