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 a mixed behaviour as we saw it trading a range of 18.85 to a high of 19.05 in yesterday’s session. After the release of the U.S. CPI numbers yesterday, which came in as expected, energy commodities led to general weakness in some currencies. The local unit then traded to a high of 19.07. The predicted trading range for the rand today is between 18.7500 to 19.1500.
Global market focus today will be on the U.S. FOMC meeting. Analysts are expecting the Federal reserve to keep the rates unchanged. Their focus will be on future rate movements. Current markets are pricing in a 75% chance that the first-rate cut would take place in May 2024.
The rand will look for support at 18.95, 18.82 and then a low of 18.68. The resistance levels for the rand are at 19.10, 19.25, following with a high of 19.40.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.9129 versus the dollar.
GBP: 23.84
Euro: 20.54
Gold: 1993 USD
Bitcoin: 41 151 USD
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