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 lost all gains made earlier in the week. The local unit weakened by 2.5% against the dollar. The rand managed to reach a low of 18.15 but then turned in the late afternoon session to reach a high of 18.41 in yesterday’s session. The predicted trading range for the rand today is between 18.1500 to 18.6500.
S&P Global Ratings is due to review South Africa’s sovereign credit rating today. Earlier this year in March, S&P downgraded its outlook positive to stable. Market focus in the U.S. will be on talks by four Federal Reserve speakers. These speeches could make some waves in the markets and will be closely watched to see if any indication will be given to the interest rate path.
The rand will look for support at 18.31, 18.19 and then a low of 18.03. The resistance levels for the rand are at 18.48, 18.59, following with a high of 18.71.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.3847 versus the dollar.
Gold: 1987 USD
Bitcoin: 36 432 USD