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 is trading lower than the highs of 18.43 in Friday’s session. The local unit traded on a range of 18.2650 to 18.43 in Friday’s trading session. Today its trading at a level of 18.30. The predicted trading range for the rand today is between 18.0500 to 18.4500.
S&P Global Ratings left South Africa’s credit ratings unchanged on Friday. And as expected, it maintained stable, although the government has a weakening debt position. Local market focus is on CPI numbers due on Wednesday and a MPC meeting on Thursday. Expectations is that the rates will not be changed.
Market focus this week will be on the FOMC minutes due on Wednesday. Analysts are predicting a 30% chance of rate increase in March next year. The rand will look for support at 18.27, 18.17 and then a low of 18.09. The resistance levels for the rand are at 18.45, 18.53, following with a high of 18.62.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.3214 versus the dollar.
GBP: 22.84
Euro: 19.99
Gold: 1978 USD
Bitcoin: 37 176 USD
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