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 has lost more ground at the start of the new month. In yesterday’s trading session, the local unit reached a high of 17.8225 by the time of closing. In the overnight session the rand traded even more weaker to reach a high of 17.9300 in the early morning session. The predicted trading range for the rand today is between 17.7000 to 18.2000.
The rand traded very strong during the months of June and July, which left the currency susceptible to correction. The weakness of the ZAR was triggered by risk-off market sentiment globally. At the moment, South Africa does not look appetising for investors. In order to attract investment, the country need to maintain higher bond yields.
In other parts of the world, the Reserve Bank of Australia announced that they have put the rates on hold. China released data on manufacturing PMI, which came in lower than expected. This underwhelming data caused commodity linked currencies, such as the rand, to trade weaker.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.0365 versus the dollar.
Gold: 1956 USD
Bitcoin: 28 918 USD