Rand News Update │ Rand showing small recovery

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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 is showing a small recovery after it reached a high of 16.2650 during yesterday’s session. The next technical resistance level is at 16.3400 and break below 16.0500 on the downside. If the recovery does take place, it will spark for a recovery towards 15.7500. The predicted trading range for the rand today is between 15.8000 and 16.3000.

Negative factors in the country are preventing the usual resilient ZAR to improve. Loadshedding that is sticking its head out once again is negatively influencing South Africa’s economic growth.

Asian shares declined to its lowest level in almost two years. Investors are concerned about how the increasing interest rates will influence the economic growth. Gold prices spiked slightly on Tuesday as data showed a decline in U.S. Treasury yields.

Foreign Exchange Rates

At time of writing:

The Rand traded at 16.1060 versus the dollar.

  • GBP: 19.87
  • Euro: 17.03
  • Gold: 1862 USD
  • Bitcoin: 31 729 USD

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