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Rand News Update │ Rand trading on backfoot

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 backfoot as it reached a high of 18.8000 in yesterday’s session. The short-term resistance levels of 18.80/85 have been reached and will possibly reach an even higher level of 19.0500. The support levels for the rand will be at 18.60 and then 18.45. The predicted trading range for the rand today is between 18.6500 to 19.0500.

The Federal Reserve’s minutes released yesterday, predict a mild recession in the U.S. for later this year, followed by a reasonably paced recovery. The Fed’s comments also made mention to a possible rate hike in July.

Oil prices have come down as fears are growing regarding slow demand recovery in China. The two top exporters, Saudi Arabia and Russia is cutting their output.

Foreign Exchange Rates

At time of writing:

The Rand traded at 18.9244 versus the dollar.

  • GBP: 24.05

  • Euro: 20.55

  • Gold: 1918 USD

  • Bitcoin: 31 365 USD

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