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 at 18.80 in April after almost reaching a level of 19.00 at the end of March. The local unit opened yesterday’s session trading at 18.92/93 and reached its best level of 18.75 for the day. The predicted trading range for the rand today is between 18.6000 to 18.9000.
The Federal Reserve have said that they are still expecting the U.S. central bank to cut rates three times this year. This announcement boosted the outlook for precious metals and silver hit a two-year high. Gold prices are also improving while OPEC+ is expecting to affirm current supply cuts.
Global market focus will be on Federal Reserve Chair Jerome Powell’s speech later today for any hints on when the rate cuts will start. Local market focus is on S&P Global releasing its whole economy purchasing managers’ index survey. Analysts will use this data to shed some light on the country’s economy.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.8057 versus the dollar.
GBP: 23.64
Euro: 20.25
Gold: 2272 USD
Bitcoin: 66 527 USD
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