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 holding stable under a level of 19.00. The local unit ended last week’s session at a level of 18.75. Even though it was a holiday in South Africa yesterday, the rand encountered some weakness to trade back above a level of 18.80. The predicted trading range for the rand today is between 18.6500 to 19.1500.
Local market focus for today will be on the South African Reserve Bank, which will be releasing the country’s business cycle indicator for July. We can also expect data releases on producer price inflation, money supply trade balance and budget figures for August.
The dollar received some strength after Federal Reserve comments suggesting it might keep interest rates higher for longer. The rand will look for support at 18.69, 18.61 and then a low of 18.52. The resistance levels for the rand are at 18.85, 18.93, following with a high of 19.02.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.9030 versus the dollar.
Gold: 1911 USD
Bitcoin: 26 260 USD