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Rand News Update │ Rand making small gains

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 made some small gains during yesterday session to reach its best level for the day at 19.03. The local unit will continue to encounter pressures from both global and local factors. The predicted trading range for the rand today is between 18.9000 to 19.3000.


Local data released yesterday showed an increase of 2.7% for Retail Sales for December, which is better than the 0.7% decline expected. President Cyril Ramaphosa is due to speak in parliament today, where he will respond to the debate on his state of the nation address and answer questions from journalists. Short-term market focus will now shift to South Africa’s budget next week.


Bitcoin has been making a significant rally of 20% over the previous week to trade close to R1million ($51 000) during Wednesday session. The last time Bitcoin’s prices were this high was in November 2021 when it traded at $65 000. The rand will look for support at 18.97, 18.90 and then a low of 18.79. The resistance levels for the rand are at 19.15, 19.25, following with a high of 19.37.

 

Foreign Exchange Rates

At time of writing:

The Rand traded at 19.0178 versus the dollar.

  • GBP: 23.85

  • Euro: 20.42

  • Gold: 1993 USD

  • Bitcoin: 51 950 USD

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Rand News Update │ Rand weaker at level of 18.70

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

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