Rand News Update │ Rand trading below 15.20 support level

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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 money or want the latest money transfer news.

The South African rand gained throughout the overnight session to trade below the 15.2000 support level. The local unit is faring well even though the markets are relatively quiet with limited activity. The improved level of the rand will most probably cause USD buying interest. The predicted trading range for the rand today is between 15.0500 and 15.4500.

Local focus today will be on President Cyril Ramaphosa’s State of the Nation Address taking place this evening. Economist will take note of Ramaphosa’s outlook on the government’s plan to deal with poverty, unemployment, Covid regulations, corruption, and the struggling economy.

International market focus is on the U.S. CPI data due later today. This caused the gold prices to show little movement while investors wait on new pointers about the rate of which the Federal Reserve will their shrink their policy.

Foreign Exchange Rates

At time of writing:

The Rand traded at 15.1363 versus the dollar.

  • GBP: 20.52
  • Euro: 17.31
  • Gold: 1831 USD
  • Bitcoin: 44 302 USD

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