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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 in today’s trading session. Yesterday we saw the local unit improving to a best level of 18.6950 after which geopolitical uncertainty caused sentiment to turn around and the rand reaching a high of 19.0800. The predicted trading range for the rand today is between 18.9000 to 19.3000.

The greenback remains a safe haven currency as the war in the Middle East is being closely monitored. Global market focus will be on Federal Reserve Chair, Jerome Powell expected to deliver a speech today. Local retail sales data came in lower than expected, which is contributing to the rand’s weakness.

The rand will look for support at 18.92, 18.75 and then a low of 18.53. The resistance levels for the rand are at 19.15, 19.31, following with a high of 19.47.

Foreign Exchange Rate

At time of writing:

The Rand traded at 19.1055 versus the dollar.

  • GBP: 23.15

  • Euro: 20.14

  • Gold: 1950 USD

  • Bitcoin: 28 353 USD

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