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Rand strengthening below 19.00

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 strengthened below a level of 19.00 and will continue in a positive territory. Indicators suggest the possibility of more gains in the short term. The local unit traded at a level of 19.1050 at the opening of yesterday’s session, after which it reached tis best level of 18.8600 for the day. The predicted trading range for the rand today is between 18.8600 to 19.1000.

The rand has managed to gain more that 3% against the dollar this week. Recovering significantly from previous month’s losses. Various local economic data released this week, pointed to the country only just avoiding a recession. South Africa is still not completely in the clear from economic and political woes.

Gold prices are slightly lower today after its increase of 1% in yesterday’s session. The possibility of the U.S. Federal Reserve putting a pause on interest rate hikes is in favour of the gold prices.

Foreign Exchange Rates

At time of writing:

The Rand traded at 18.7839 versus the dollar.

  • GBP: 23.55

  • Euro: 20.22

  • Gold: 1962 USD

  • Bitcoin: 26 600 USD

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