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Rand News Update │ Rand not getting enough support

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 didn’t get enough support in yesterday’s session. It tried to break below a level of 18.60/61 but opened at a level of 18.7500 this morning. The short term-technical support levels are at 18.60 then 18.45 and 18.30. On the topside the short-term technical level is at 19.0000. The predicted trading range for the rand today is between 18.5000 to 18.9000.

Market focus will be on the release of the Federal Open Market Committee meeting minute for June. This report will be used to give insight to the Federal Reserve’s future regarding interest rate hikes. Expectations are leaning towards two more increases by the end of the year as inflation remains high.

Local market focus is on the S&P Global release of the Purchasing Managers Index (PMI) data for South Africa. Investors will use this data to gauge the health of the economy.

Foreign Exchange Rates

At time of writing:

The Rand traded at 18.7768 versus the dollar.

  • GBP: 23.85

  • Euro: 20.45

  • Gold: 1928 USD

  • Bitcoin: 30 740 USD

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