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Rand News Update │ Rand reached support level of 17.50

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 has reached the support level of 17.5000 in this morning’s early session. The local unit reached a high of 17.7225 in yesterday’s session before closing the session at 17.6625. The predicted trading range for the rand today is between 17.4500 to 17.8500.

The Federal Reserve announced an expected 25 basis points interest rate hike in last night’s decision. So far, this announcement had little to no effect on the foreign exchange markets. Market focus today will move their attention to the European Central Bank meeting.

Local market focus is on producer inflation figures. Analysts are expecting the producer inflation to slow further to 6.0% in annual terms in June compared to 7.3% in May. The local unit is up more than 6% against the USD this month so far.

Foreign Exchange Rates

At time of writing:

The Rand traded at 17.4927 versus the dollar.

  • GBP: 22.70

  • Euro: 19.46

  • Gold: 1977 USD

  • Bitcoin: 29 427 USD

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