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 ending the week at a level of 18.8000. The local unit traded in a range of 18.73 to 18.98 in yesterday’s session. Ongoing local issues will continue to hinder any real rand strengthening for the short term. The predicted trading range for the rand today is between 18.8000 to 19.2000.
Eskom is expected to appoint a new chief executive officer, Dan Marokane. South African investors are waiting with anticipation to see how he will assist the struggling utility. Global market focus will move towards the U.S. non-farm payrolls due later in the day. This data will give insight on the Federal Reserve’s interest rate direction.
The rand will look for support at 18.65, 18.54 and then a low of 18.37. The resistance levels for the rand are at 18.93, 19.11, following with a high of 19.27.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.9020 versus the dollar.
GBP: 23.73
Euro: 20.36
Gold: 2028 USD
Bitcoin: 43 215 USD
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