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 still attempting a recovery since Friday’s improvement. The local unit traded in a range of 19.0500 to 19.1500 in Friday’s session, after which it improved to a level of 18.9300 at close of business. The predicted trading range for the rand today is between 18.7500 to 19.2500.
Focus this week will be on the BRICS summit taking place in Johannesburg. Here emerging market economies from Brazil, Russia, India, China and South Africa will meet. There are over twenty countries that have submitted formal admission requests to join the bloc.
Local market focus will be on July’s price index number will be published. South Africa’s inflation was at 5.4% in June, and it is in SARB’s target range of 3%-6%.
Foreign Exchange Rates
At time of writing:
The Rand traded at 19.0028 versus the dollar.
Gold: 1888 USD
Bitcoin: 26 070 USD