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 stable at a level of 18.40 after it traded between a range of 18.34 and 18.44 in yesterday’s session. The local unit is struggling to break through a topside level of 18.50 and might start up its downward trend that started at the end of last month.
Investors are waiting to hear Jerome Powell’s speech later today, on whether he will indicate to any future rate hikes for the U.S. His speech earlier this week did not mention anything on monetary policy. The rand, along with other risk-sensitive currencies, often take cues from global drivers like the U.S monetary policy.
Data released from China yesterday showed that the country is experiencing deflation, as consumer prices are declining. The country needs more stimulus. The rand will look for support at 18.33, 18.20 and then a low of 18.10. The resistance levels for the rand are at 18.57, 18.68, following with a high of 18.78.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.5005 versus the dollar.
Gold: 1949 USD
Bitcoin: 36 555 USD