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 its gains made during Friday and yesterday’s session. The local unit traded in a range between 18.64 and 18.85 in yesterday’s session. It reached a high of 18.87 for the day. The predicted trading range for the rand today is between 18.7000 to 19.1000.
The rand weakened on Monday as the dollar improved after local economic data with gross domestic product and current figures due. The dollar is trading 0.6% stronger against a basket of global currencies. Global market focus today is on the U.S. job opening numbers and ISM numbers due today.
The rand is influenced by the dollar’s direction. The rand will look for support at 18.74, 18.62 and then a low of 18.44. The resistance levels for the rand are at 18.93, 19.05, following with a high of 19.18.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.8306 versus the dollar.
GBP: 23.76
Euro: 20.37
Gold: 2036 USD
Bitcoin: 41 466 USD
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