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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 latest money transfer news.

The South African rand lost significant grounds to trade at its weakest level of 18.76 by the time of yesterday’s close. The local unit opened yesterday’s session at a level of 18.43 but after the U.S. CPI data released in the afternoon the USD posted steady gains. The predicted trading range for the rand today is between 18.5500 to 18.9500.

The U.S. CPI data came in stronger than expected, with the CPI for March increasing to 3.5% from 3.2% previously. This is the third consecutive monthly increase, which could delay the Federal Reserve’s rate cutting schedule.

Moving to other Central Banks, the Bank of Canada left rates unchanged, and China recorded slowing inflation numbers. The European Central Bank is due to meet today, with expectation to keep rates as is. The rand will look for support at 18.65, 18.50 and then a low of 18.27. The resistance levels for the rand are at 18.88, 19.03, following with a high of 19.18.


Foreign Exchange Rates

At time of writing:

The Rand traded at 18.8405 versus the dollar.

  • GBP: 23.62

  • Euro: 20.22

  • Gold: 2330 USD

  • Bitcoin: 70 815 USD

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