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Rand News Update │ Rand weakens to level of 18.30

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 weaker today at trading of a level of 18.3000. The local unit didn’t manage to hold onto its gains made in the previous days, as it didn’t go any lower than 18.1300. The predicted trading range for the rand today is between 18.2500 to 18.7500.

The next technical objective will be towards the 18.5000 level. If the USD/ZAR pair reach this level, the next move will be towards the 18.7500 level. The ZAR encountered its first day of losses in almost two weeks and no gains in sight for the near future.

Market focus today will be on the U.S. Federal Reserve Chair, Jerome Powell’s speech on inflation data. Analysts are suggesting the rand will encounter more losses.

Foreign Exchange Rates

At time of writing:

The Rand traded at 18.3540 versus the dollar.

  • GBP: 23.35

  • Euro: 20.05

  • Gold: 1935 USD

  • Bitcoin: 28 824 USD

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