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Rand News Update │ Rand resistance level of 18.50

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’s next resistance level is 18.5000. Yesterday the local unit reached a high of 18.4500 after which it closed at a level of 18.3750. The predicted trading range for the rand today is between 18.2500 to 18.6500.

The Federal Reserve Chair, Jerome Powell, supported the previous decision of pausing interest rate hikes. Although further interest rate hikes may be required later this year in order to curb inflation. The rand is 0.33% weaker against the dollar compared to yesterday.

Market focus today will be on U.S. jobless claims data that could give some insight to the future trends of interest rates hikes. U.K. investors will be focused on the Bank of England’s monetary policy meeting announcement today. Expectations are that the bank will increase rates with either 25 or 50 basis points.

Foreign Exchange Rates

At time of writing:

The Rand traded at 18.3560 versus the dollar.

  • GBP: 23.44

  • Euro: 20.18

  • Gold: 1926 USD

  • Bitcoin: 30 058 USD

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