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 struggled to hold onto its previous session’s gain, to trade back above 19.00 level. The local unit reached a high of 19.1550 in yesterday’s session before recovering to a level of 18.9225 by the time of closing. The predicted trading range for the rand today is between 18.8500 to 19.2500.
Any rand recovery will most probably be limited by an increasing demand for USD, especially as we head into the weekend. Global focus remains on the conflict in the Middle East. Reports are suggesting that Israel is expected to launch a ground invasion of Gaza after big troops were seen at the border.
Oil and gold prices increased as geopolitical tensions are increasing and reports of the U.S. bases in Iraq and Syria were targeted by drone attacks. The U.S. fought back with an American destroyer in the Red Sea intercepting cruise missiles targeting Israel Houthi rebels in Yemen.
Foreign Exchange Rates
At time of writing:
The Rand traded at 19.0705 versus the dollar.
Gold: 1983 USD
Bitcoin: 29 835 USD