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 has reached a level of 19.3000 in yesterday’s trading session. We saw the local unit reach a high of 19.3800. The greenback is strengthening against most currencies like the EUR, GBP and JPY. The predicted trading range for the rand today is between 19.0500 to 19.5500.
Markets are split between the middle of whether U.S. Federal Reserve will increase interest rates once mare this year or keep it unchanged. In local market news, economists are expecting a rate hike from the South African Reserve Bank, after the big increase in petrol prices is likely to influence interest rates.
Local PMI data released on Monday showed that factory activity decreased for the eight months in a row. The rand will look for support at 19.29, 19.20 and then a low of 19.08. The resistance levels for the rand are at 19.42, 19.50, following with a high of 19.59.
Foreign Exchange Rates
At time of writing:
The Rand traded at 19.3047 versus the dollar.
GBP: 23.33
Euro: 20.24
Gold: 1822 USD
Bitcoin: 27 451 USD
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