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 back below a level of 19.00 after the Federal Reserve’s dovish comments suggesting that they have reached the end of the rate hike cycle. The recent increase in bond yields may lower inflation. The local unit reached its best level of 19.02 in yesterday’s session, although there was significant market uncertainty. The predicted trading range for the rand today is between 18.8500 to 19.3500.
Market sentiment is also influenced by reports from China that its government is considering increasing budget deficit to help its economy. This will lend support to emerging markets such as the rand. Some investors use the rand as a guideline for emerging market risk, and the currency is easily influenced by global risk appetite.
The rand will look for support at 18.88, 18.82 and then a low of 18.74. The resistance levels for the rand are at 19.13, 19.26, following with a high of 19.49.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.9425 versus the dollar.
Gold: 1867 USD
Bitcoin: 27 066 USD