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 trading on a stable level of 18.7000. The local unit traded in a range of 18.65 to 18.8025 in yesterday’s session, with the markets closing on a level of 18.7275. The predicted trading range for the rand today is between 18.5000 to 18.9000.
Market focus today is on the U.S. CPI numbers due today. This data will be used for insight on whether there is a rate hike needed to bring inflation to the 2% target range. If the CPI numbers come out lower, then the Federal Reserve will move away from more rate hikes.
Focus will also be on the U.S. and China’s meeting later today. This will only be the second time that these two country’s leaders will meet since Biden took office. The summit will mostly include how to lower risks and prevent a crisis.
The rand will look for support at 18.64, 18.55 and then a low of 18.47. The resistance levels for the rand are at 18.80, 18.88, following with a high of 18.96.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.7330 versus the dollar.
GBP: 23.00
Euro: 20.05
Gold: 1947 USD
Bitcoin: 36 612 USD
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