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Rand News Update │ Rand continue to be under pressure

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 continue to be under pressure as it reached a high of 19.6300 in yesterday’s session. The local unit decreased to a four-month low as it experienced more weakness. The South African Reserve Bank also said that it will not intervene to protect the local currency weakening even further. The predicted trading range for the rand today is between 19.3500 to 19.6500.

The main market focus today will be on the U.S. jobs data due later today. Investors believe this will have significant impact on market direction. The data is forecasted as a gain of 170k jobs, which is down from 187k in August, and the employment rate predicted at 3.7%. which is lower than the 3.8% previously. The USD could strengthen if the jobs number come in higher than expected.

The rand will look for support at 19.47, 19.35 and then a low of 19.09. The resistance levels for the rand are at 19.68, 19.85, following with a high of 20.01.

Foreign Exchange Rate

At time of writing:

The Rand traded at 19.4509 versus the dollar.

  • GBP: 23.71

  • Euro: 20.51

  • Gold: 1819 USD

  • Bitcoin: 27 649 USD

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