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 comfortably below level of 18.80 after it reached a low of 18.7425 in Friday’s trading session. The local unit reached a high of 18.9250 on Friday, although it closed the session around a level of 18.80. The predicted trading range for the rand today is between 18.5000 to 19.0000.
Local data due this week is budget balance, trade numbers, vehicle sales and PMI numbers. Focus will shift towards the mid-term budget due on Wednesday, on which economists will use for insight on the state of the country. Global market focus this week will on the central banks meetings by the U.S., Japan and Great Britain. U.S. employment numbers are due on Friday, which they are predicting a gain of 188 000 jobs for October.
The rand will look for support at 18.73, 18.61 and then a low of 18.48. The resistance levels for the rand are at 18.98, 19.11, following with a high of 19.24.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.8454 versus the dollar.
Gold: 1994 USD
Bitcoin: 34 257 USD