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Rand News Update │ Rand trickling slightly higher

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 trickled slightly higher during yesterday’s session. The local unit managed to post some gains to trade at its best level 19.0000 for the day, after a high of 19.12 at the start of the day. The predicted trading range for the rand today is between 18.9000 to 19.2000.


Local data due today is the PMI numbers for February and fourth quarter GDP numbers. The predicted forecast is a growth of 0.3% for the quarter and a 0.9% growth year on year. Overnight comments by a Federal Reserve speaker confirmed again that there is no urgency in lowering interest rates as inflation is still above the 2% target level.


The price of gold is showing some strength which could lend support to the ZAR this week. The rand will look for support at 18.97, 18.92 and then a low of 18.85. The resistance levels for the rand are at 19.10, 19.18, following with a high of 19.25.

 

Foreign Exchange Rates

At time of writing:

The Rand traded at 19.1166 versus the dollar.

  • GBP: 24.18

  • Euro: 20.70

  • Gold: 2116 USD

  • Bitcoin: 66 900 USD

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Rand News Update │ Rand weaker at level of 18.70

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

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