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 back up above a level of 19.00. Yesterday the local unit opened at a level of 18.7800 after reaching a high of 19.0625 on the day. The predicted trading range for the rand today is between 18.8500 to 19.2500.
The negative local factors, along with a stronger USD, will likely cause the rand to trade weaker today with very limited possibility of recovery. Gold and Mining Productions numbers for July came in weaker, as mining productions declines and gold production decreased. The interest rates in Europe are at record highs, after the ECB increased rates by 25 basis points to 4.0%.
African central banks are scheduled to meet in the next couple of weeks where interest rate decisions are on the table. Monetary authorities will likely keep rates steady for South Africa, Egypt, Morocco, and Ghana. The rand will look for support at 18.94, 18.83 and then a low of 18.64. The resistance levels for the rand are at 19.13, 19.24, following with a high of 19.35.
Foreign Exchange Rates
At time of writing:
The Rand traded at 19.0377 versus the dollar.
Gold: 1918 USD
Bitcoin: 26 623 USD