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 still trading strong as it reached a level of 18.47 in this morning’s session. The local unit improved after Finance Minister’s mid term budget statement. The predicted trading range for the rand today is between 18.2500 to 18.6500.
The Federal Reserve’s statement came in not as hawkish as expected and markets priced in that rates will remain steady. This affected the dollar negatively to trade weaker in yesterday’s session. Data due today is the MPC meeting from Bank on England where rates are also expected to remain the same.
The USD/ZAR pair is trading on the downside. But it might have reached the end of the line, and a correction is due. The rand will look for support at 18.41, 18.31 and then a low of 18.14. The resistance levels for the rand are at 18.58, 18.68, following with a high of 18.85.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.4913 versus the dollar.
GBP: 22.49
Euro: 19.61
Gold: 1985 USD
Bitcoin: 35 302 USD
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