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 in the mid-18.20s after it reached a high of 18.4525 in yesterday’s trading session. The local unit is 0.11% stronger than the dollar compared to its previous close. The predicted trading range for the rand today is between 18.1000 to 18.5000.
Market focus this week is on the inflation figures due from the U.S. on Wednesday and an interest rate decision by the South African Reserve Bank on Thursday. Investors are also waiting on the minutes from the U.S. Federal Reserve’s last meeting for insight on where the rates are moving to.
The rand will look for support at 18.23, 18.12 and then a low of 18.00. The resistance levels for the rand are at 18.45, 18.56, following with a high of 18.67.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.3775 versus the dollar.
Gold: 1984 USD
Bitcoin: 37 370 USD