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 weaker at a level of 18.70. U.S. markets were closed yesterday so trading was much more cautious. The local unit ended yesterday’s session at a level of 18.70. The predicted trading range for the rand today is between 18.6000 to 19.0000.
There is no important market data due today. Although focus will be on comments from Federal Reserve official Waller, for any insight on the U.S rate cycle. The European Central Bank commented yesterday that its too early to discuss any interest rates decrease as inflation is still high.
The rand will look for support at 18.63, 18.56 and then a low of 18.52. The resistance levels for the rand are at 18.78, 18.83, following with a high of 18.90.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.8402 versus the dollar.
GBP: 23.82
Euro: 20.51
Gold: 2066 USD
Bitcoin: 42 696 USD
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