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 Africa Rand is trading at a level of 19.20, after trading at lower levels close to 19.0000 on Wednesday. If the local unit continues its upward trend, the next resistance level is at 19.5000. On the other side, if the ZAR manages a successful recovery, the pair could run back towards recent levels of 17.5000. The predicted trading range for the rand today is between 19.0000 to 19.5000.
The FOMC released its minutes, in which they suggested the hiking cycle by the Federal Reserve might not be over yet. China’s economy is worsening after the announcement that it is cutting key policy rates.
Local market focus is on the release of business confidence figures today. Analysts are saying that South Africa’s economy is not expected to grow much this year. Some of the biggest causes of the weakening economy is the ongoing power crises.
Foreign Exchange Rates
At time of writing:
The Rand traded at 19.1300 versus the dollar.
Gold: 1894 USD
Bitcoin: 28 578 USD