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 in a volatile territory, after which we saw the local unit trading in a range of 17.42 to reach a high of 17.8900. The short-term technical support level is around 17.7000 and with a resistance level at 17.90/92 and the next level of 18.10/15. The predicted trading range for the rand today is between 17.7000 to 18.1000.
The strength of the USD in yesterday’s session came after the strong U.S. economic data. Along with the European Central Bank increasing their rates by 0.25%. There are no other important data releases scheduled for today.
The Central Energy Fund said that there is a possibility of fuel increases for all fuel grades next month. The reason for the price hikes is because of increased international oil prices.
Foreign Exchange Rates
At time of writing:
The Rand traded at 17.7748 versus the dollar.
Gold: 1949 USD
Bitcoin: 29 140 USD