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Rand News Update │ Rand trading at 18.80 before 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 is trading steady at a level of 18.80 before the local budget speech today. The local unit traded in a range of 18.88 to a high of 19.0750 level. The predicted trading range for the rand today is between 18.7000 to 19.1000.


The rand will possibly experience some volatility after the budget speech today along with CPI data due today. Finance Minister Enoch Godongwana will cover topics such at the government’s spending priorities, revenue collection strategies and updated economic forecasts.


Global market focus will shift to the U.S. FOMC minutes being released tonight. Markets will use this to gain insight of how much longer rates will be kept high. The rand will look for support at 18.83, 18.75 and then a low of 18.62. The resistance levels for the rand are at 19.03, 19.15, following with a high of 19.28.

 

Foreign Exchange Rates

At time of writing:

The Rand traded at 18.8981 versus the dollar.

  • GBP: 23.86

  • Euro: 20.43

  • Gold: 2030 USD

  • Bitcoin: 51 832 USD

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