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Rand News Update │ Rand trading on the back foot

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 trading at levels of 18.70. The local unit declined with more than 2% against the USD last week. Aggressive comments from Federal Reserve Chair, Jerome Powell boosted the dollar and reduced the global risk appetite. The predicted trading range for the rand today is between 18.6000 to 19.0000.

Local data due this week is third quarter unemployment figures on Tuesday and September retail sales on Wednesday. Investors will use this data to gauge the health of the country’s economy. Tomorrow there is U.S. inflation data due, which will be closely watched to see which way the Fed will move next in their rate hike cycle.

The rand will look for support at 18.62, 18.50 and then a low of 18.41. The resistance levels for the rand are at 18.82, 18.91, following with a high of 19.01.

Foreign Exchange Rates

At time of writing:

The Rand traded at 18.6800 versus the dollar.

  • GBP: 22.85

  • Euro: 19.97

  • Gold: 1936 USD

  • Bitcoin: 37 008 USD

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