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Rand News Update │ Rand making small recovery

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 a small recovery in yesterday’s session trading at levels of 18.9600. The local unit reached a high of 19.0850. Markets will trade with caution ahead of various central bank events this week. The predicted trading range for the rand today is between 18.8500 to 19.2500.

The Federal Open Market Committee is meeting tomorrow, although rates won’t be changed markets have fully priced it in. Analysts will wait for any indication regarding the next meeting in November. The South African Reserve Bank is scheduled to deliver their interest rate decision tomorrow. Expectation is that the main interest rate will be left unchanged at 8.25%.

The rand will look for support at 18.92, 18.84 and then a low of 18.76. The resistance levels for the rand are at 19.09, 19.17, following with a high of 19.24.

Foreign Exchange Rates

At time of writing:

The Rand traded at 18.9775 versus the dollar.

  • GBP: 23.4972

  • Euro: 20.28

  • Gold: 1934 USD

  • Bitcoin: 26 872 USD

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