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 still trading weaker, after is broke through at the 19.0000 level in yesterday’s session. The local unit reached a high of 19.1050 at the time of closing. The predicted trading range for the rand today is between 18.9000 to 19.4000.
Market focus will be firmly on the U.S. non-farm payroll data releases. The possible scenario is likely to cap any potential rand strength, and liquidity will be limited. Analysts is saying that U.S. jobs data is pointing to even more interest rate hikes.
South Africa is feeling optimistic over Eskom recent easing on power cuts. Although it could be a premature feeling, the next two months could be difficult for the country’s local manufacturers and the economy.
Foreign Exchange Rates
At time of writing:
The Rand traded at 19.1216 versus the dollar.
Gold: 1916 USD
Bitcoin: 30 127 USD