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 steady below the 19.0000. The local unit traded between 18.8600 to a quick spike at 19.0400 in yesterday’s trading session. There was some weakness for the rand after Eskom announced that stage 6 loadshedding are here to stay until further notice. The predicted trading range for the rand today is between 18.6500 to 19.1500.
The main market focus for today is on the U.S. inflation numbers for August. The Federal Reserve’s outlook is not very clear, but they are expected to leave rates changed in next week’s meeting. The European Central Bank is also meeting tomorrow, where they will decide on increasing rates or leaving as is.
The rand will stay in a vulnerable territory, especially if the U.S. CPI data comes out stronger than expected. The short-term support levels for the ZAR are at 18.83, 18.73 and then a low of 18.62. On the other end the resistance levels are at 19.02, 19.13 and a high of 19.23.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.9002 versus the dollar.
Gold: 1912 USD
Bitcoin: 25 874 USD