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Rand News Update │ Rand losing gains made in previous week

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 lost it gains during Friday afternoon’s session to trade back to a level of 18.77 this morning. The local unit traded between a range of 18.58 to 18.76 during Friday’s session. The predicted trading range for the rand today is between 18.6500 to 19.0000.


The U.S. unemployment data released on Friday, showed an increase of 275k jobs in February compared to a 200k jobs as predicted. The unemployment rate also increased to 3.9%, which is at its two-year high.


The ZAR was supported by the increasing gold prices last week. Although this week the precious metal’s price is stable as markets wait on the U.S. inflation report on Tuesday. The rand will look for support at 18.68, 18.60 and then a low of 18.49. The resistance levels for the rand are at 18.88, 18.96, following with a high of 19.06.

 

Foreign Exchange Rates

At time of writing:

The Rand traded at 18.7260 versus the dollar.

  • GBP: 24.06

  • Euro: 20.49

  • Gold: 2179 USD

  • Bitcoin: 69 899 USD

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