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Rand News Update │ Rand trading on back foot at 19.90 level

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 on the back foot at level back up to levels of 19.9000. The local unit reached its best level of 18.7475 for the day, after which it ended the day at around 18.87. The predicted trading range for the rand today is between 18.7500 to 19.2500.

The important economic event in South Africa, is the medium-term budget policy statement due tomorrow. Finance Minister Enoch Godongwana, will update the country on economic forecasts, adjust the budget and make emergency changes to spending. There will be an improvement in the rand if the country shows fiscal sustainability and reforms.

Global market focus is on the Federal Reserve’s decision on Wednesday, where markets are expecting a pause in interest rates. The rand will look for support at 18.77, 18.68 and then a low of 18.63. The resistance levels for the rand are at 18.91, 18.96, following with a high of 19.01.

Foreign Exchange Rates

At time of writing:

The Rand traded at 18.8395 versus the dollar.

  • GBP: 22.88

  • Euro: 20.00

  • Gold: 1996 USD

  • Bitcoin: 34 198 USD

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