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 low levels of 18.60 as the new month started. Although the local unit is trading somewhat weaker this morning compared to its closing level of yesterday’s session. The predicted trading range for the rand today is between 18.5500 to 18.8000.
Investors will keep a close eye on the Finance Minister’s speech today, for updates on economic forecasts and the budget adjustment along with emergency changes to spending. Focus will then shift to the Federal Reserve decision later today. Markets are expecting no changes to interest rates. Jerome Powell’s statement will be examined on the path of future rate decisions and how long rates will stay on this level.
The rand will look for support at 18.52, 18.39 and then a low of 18.17. The resistance levels for the rand are at 18.86, 19.07, following with a high of 19.29.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.7350 versus the dollar.
Gold: 1981 USD
Bitcoin: 34 462 USD