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Rand News Update │ Rand might show weakness

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 might show signs of possible weakness as there is a likelihood of possible correction given the extent of the local unit’s recent gains. Yesterday the local unit traded in a range of 18.70 to its best level of 18.51 for the day. The predicted trading range for the rand today is between 18.3500 to 18.8500.

Market focus this week will be on the Federal Reserve’s interest rate decision due on Wednesday. Today we can expect the U.S. Labour Department’s CPI report and in the local market we can expect the mining production figures for April.

Investors’ sentiment towards South Africa’s economy has improved slightly. Support came from the alleviation of loadshedding, and the possibility of the BRICS summit moving away from South Africa.

Foreign Exchange Rates

At time of writing:

The Rand traded at 18.6651 versus the dollar.

  • GBP: 23.44

  • Euro: 20.16

  • Gold: 1962 USD

  • Bitcoin: 26 140 USD

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