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 weakened in yesterday afternoon’s session to trade at a high of 18.50. After the Federal Reserve’s comment, the local unit traded even weaker to a high of 18.6525. The predicted trading range for the rand today is between 18.3000 to 18.8000.
Minutes from the FOMC meeting suggested that the Fed is still willing to increase rates even further and there was no indication of any rates cuts anytime soon.
Local data released today showed that annual inflation increased of a five-month high in October. CPI increased to 5.9% compared to a 5.4% in September. The rand will look for support at 18.52, 18.37 and then a low of 18.12. The resistance levels for the rand are at 18.77, 18.91, following with a high of 19.05.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.7329 versus the dollar.
Gold: 2000 USD
Bitcoin: 36 522 USD