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Rand News Update │ Rand trading back up at level of 19.20

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 up at a level of 19.20 after it reached levels above 19.30 during yesterday’s session. The local unit traded in a range of 19.13 to 19.32 during yesterday’s trading session. The predicted trading range for the rand today is between 19.0500 to 19.4500.


Markets will continue to trade with caution today as local data expected today is PPI and Trade Balance numbers. PPI for January is expected to show a number of 4.8% and Trade Balance a deficit of R5.20 billion. Global market focus is on U.S. PCE numbers due today. A stronger price index number will decrease the chances of a rate cut in May. Analysts are predicting there will only be 3 rate cuts this year.


The rand will look for support at 19.22, 19.11 and then a low of 18.96. The resistance levels for the rand are at 19.37, 19.47, following with a high of 19.58.

 

Foreign Exchange Rates

At time of writing:

The Rand traded at 19.2032 versus the dollar.

  • GBP: 24.32

  • Euro: 20.83

  • Gold: 2036 USD

  • Bitcoin: 62 968 USD

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