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 strengthened ahead of the weekend. The local unit opened yesterday’s session trading at a level of 19.05, although managing incremental gains over the session to close it off at 18.95. The predicted trading range for the rand today is between 18.7500 to 19.1500.
The rand managed to improve slightly yesterday as the USD took a dive after worse than expected U.S. retail sales was published. The U.S. Retail Sales declined with 0.8% in January, showing the biggest drop in 10 months. Markets are fully pricing in a rate cut for June.
The foreign exchange markets remain cautious, as the Federal Reserve confirmed that there is no rush to cut interest rates. The rand will look for support at 18.85, 18.76 and then a low of 18.64. The resistance levels for the rand are at 19.06, 19.17, following with a high of 19.28.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.9067 versus the dollar.
GBP: 23.77
Euro: 20.36
Gold: 2003 USD
Bitcoin: 51 858 USD
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