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 above a level of 19.10 after it weakened significantly during yesterday afternoon’s session. The local unit made good gains during the beginning of the session to reach its best level of 18.80, after which it reached a high of 19.20 during the overnight session. The predicted trading range for the rand today is between 18.9500 to 19.3500.
The U.S. CPI data came out higher than expected, sparking a huge surge in the dollar, equities dropped, and Emerging market currencies plummeted. Markets are suggesting the first-rate cut will only be in May or June, with only 90 basis points to be cut this year.
Local Mining Production data for December came in lower than expected and concerns regarding congestion at ports are growing. The rand will look for support at 19.02, 18.87 and then a low of 18.63. The resistance levels for the rand are at 19.25, 19.41, following with a high of 19.55.
Foreign Exchange Rates
At time of writing:
The Rand traded at 19.1671 versus the dollar.
GBP: 24.05
Euro: 20.51
Gold: 1989 USD
Bitcoin: 49 980 USD
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