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 moving closer to a level of 18.00, after it reached its best level of 18.2150 in Friday’s trading session. The local unit has increased with more than 2% against the dollar since the beginning of November.
The USD traded significantly weaker after the release of the non-farm payroll data on Friday. Expectations was that 180k jobs would be created in October, but expectations came in lowers at only 150k jobs. The unemployment rate has also increased to 3.9% from an expected 3.8%. Global markets seem to be halting rate hikes for now, although analysts are suggesting the first rate hike for the U.S. will be as early as May 2024.
Local market focus this week will be on Gold and FX reserves due today and gold and mining production numbers later out this week. The rand will look for support at 18.14, 18.02 and then a low of 17.85. The resistance levels for the rand are at 18.31, 18.43, following with a high of 18.60.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.2551 versus the dollar.
GBP: 22.59
Euro: 19.59
Gold: 1983 USD
Bitcoin: 34 918 USD
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