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 on an improving trend after it reached its best level of 19.2275 in yesterday’s session. From the levels we are seeing currently, a move towards the 19.0000 level is possible. The predicted trading range for the rand today is between 19.0000 to 19.5000.
Local market focus will be on the GDP due a bit later today. Analysts are predicting a 0.4% quarter on quarter growth. On the opposite end, if the GDP numbers come back as negative, it would mean the economy is approaching a technical recession.
Gold prices are lower on Tuesday, after investors are focusing on the Federal Reserve’s policy outlook for some direction for the precious metal. The weaker dollar is causing the gold price to trade in a narrow range.
Foreign Exchange Rates
At time of writing:
The Rand traded at 19.2145 versus the dollar.
GBP: 23.86
Euro: 20.55
Gold: 1957 USD
Bitcoin: 25 707 USD
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