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Rand News Update │ Rand showing some strength after budget speech

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 showed some strength after the budget announcement to improve to levels of 18.76. Although the local unit couldn’t hold onto its gains and opened this morning session at a level 18.9300. The predicted trading range for the rand today is between 18.7500 to 19.1500.


The minutes released from the U.S. FOMC showed that interest rate cuts would be unhurried as policymakers are worried of the risks of cutting interest rates too soon. The general view is that there is no rush in cutting rates as inflation numbers are still too high.


Yesterday’s budget speech was relatively unsurprising. Godongwana announced that the National Treasury would lend money from the GFECRA to reduce the country’s ballooning debt service costs through a reduction in government borrowing. The rand will look for support at 18.88, 18.79 and then a low of 18.66. The resistance levels for the rand are at 19.09, 19.18, following with a high of 19.30.

 

Foreign Exchange Rates

At time of writing:

The Rand traded at 18.9122 versus the dollar.

  • GBP: 23.94

  • Euro: 20.52

  • Gold: 2030 USD

  • Bitcoin: 51 822 USD

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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

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