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 in a positive territory as we saw it going up with more than 2% this week against a weaker dollar. The local unit traded in a range of 18.1175 to 18.2650 in yesterday’s session. The predicted trading range for the rand today is between 18.0500 to 18.4500.
Feedback from Xi and Biden’s meeting is relatively positive. Focusing on deals to rebuild high-level military communication and combating fentanyl. There is limited important U.S. data due until the end of the month, which means the ZAR will slowly unwind its recent rally.
Gold prices have increased and are being maintained by the expectations that the Fed is done with its rate hike cycle. The rand will look for support at 18.18, 18.10 and then a low of 18.02. The resistance levels for the rand are at 18.35, 18.44, following with a high of 18.56.
Foreign Exchange Rate
At time of writing:
The Rand traded at 18.1602 versus the dollar.
Gold: 1967 USD
Bitcoin: 37 450 USD