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 showed small increments of improvements in yesterday’s session to reach its best level of 18.4225. The local unit stayed below a level of 18.50 for most of yesterday, and this morning its opened at around 18.5600. The predicted trading range for the rand today is between 18.4000 to 18.7500.
The short-term technical support levels for the ZAR are at 18.42/43 and 18.28/30. If it would reach those levels, then the next support level will be at 18.1200. The top-side resistance level is at 18.68/70 and then towards 18.78/80.
Brazil, Russia, India, China and South Africa forms part of the group of emerging economies called BRICS and are scheduled to meet in Johannesburg in August. After this weekend’s aborted mutiny in Russia there is a big possibility the President Vladimir Putin would not attend.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.6121 versus the dollar.
Gold: 1910 USD
Bitcoin: 30 270 USD