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 gains by the time of close in yesterday’s session. Although it started of the day trading marginally weaker above a level of 19.00. The local unit traded in a range of 18.94 to 19.06 in yesterday’s session. The predicted trading range for the rand today is between 18.7500 to 19.1500.
Global market focus today will be on the U.S. inflation numbers due today. Analysts will use this as a gauge to determine whether the Federal Reserve will cut rates. The chance of rates being cut in March has dropped to 13% compared to 77% a month earlier. Stronger CPI date could strengthen the dollar.
The rand will look for support at 18.85, 18.78 and then a low of 18.66. The resistance levels for the rand are at 19.03, 19.14, following with a high of 19.25.
Foreign Exchange Rates
At time of writing:
The Rand traded at 19.9878 versus the dollar.
Gold: 2025 USD
Bitcoin: 48 225 USD