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Rand News Update │ Rand continues trading on back foot

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 is continuing a weaker trend, after it reached a high of 19.3300 in yesterday’s trading session. The ongoing stage 6 loadshedding and a stronger dollar is weighing heavy on the recovery for the rand. The predicted trading range for the rand today is between 19.0500 to 19.5500.

The USD/ZAR pair did not manage to break through the 19.30 resistance level, but pressure remains strong. China released trade for August yesterday. Which came in better than expected. Exports declined to 8.8% and Imports declined to 7.3%.

Global market focus will move towards the U.S. CPI data due for next week. The CPI data can be used as guidance tool on what stance the Federal Reserve take at their next policy meeting in September.

Foreign Exchange Rates

At time of writing:

The Rand traded at 19.2501 versus the dollar.

  • GBP: 23.98

  • Euro: 20.62

  • Gold: 1918 USD

  • Bitcoin: 25 741 USD

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