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 started off the week trading at a level of 19.00 in yesterday’s session. The local unit spent most of the day trading on the back foot and struggling to hold onto any gains made. The predicted trading range for the rand today is between 18.9500 to 19.2000.
The rand weakened yesterday as the USD was trading stronger and expectation grew that the Federal Reserve will possibly not cut rates earlier as hoped. Local data due today is the Gold and Mining Production, and Manufacturing Production numbers due. Data expected form the U.S. today is the CPI numbers. If the core number is above 4.2% then the dollar will stay higher for longer.
The rand will look for support at 18.97, 18.85 and then a low of 18.77. The resistance levels for the rand are at 19.17, 19.25, following with a high of 19.34.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.9129 versus the dollar.
GBP: 23.79
Euro: 20.44
Gold: 1988 USD
Bitcoin: 41 774 USD
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