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Rand News Update │ Rand losing grounds to a level of 18.60

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 lost some ground during the overnight session to trade at a level of 18.60 this morning. In yesterday’s session the local unit started the day off around 18.45 after which it increased to levels of 18.63/65. The predicted trading range for the rand today is between 18.5000 to 18.8500.

Federal Reserve Chair, Jerome Powell said yesterday that more rate hikes might be needed to curb inflation within the U.S. central bank’s target range. The dollar is trading 0.01% stronger against a basket of global currencies.

Local data released yesterday showed that mining production in the country declines by 1.9% for September. Manufacturing production went down by 4.3% versus a forecast of a 2.6% decline. The rand will look for support at 18.49, 18.33 and then a low of 18.24. The resistance levels for the rand are at 18.74, 18.84, following with a high of 18.93.

Foreign Exchange Rates

At time of writing:

The Rand traded at 18.6335 versus the dollar.

  • GBP: 22.77

  • Euro: 19.88

  • Gold: 1954 USD

  • Bitcoin: 36 478 USD

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