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 on an improving trend as it strengthened from yesterday’s opening level of 18.9500 to its best level of 18.7100 for the day. The predicted trading range for the rand today is between 18.5500 to 19.0500.
Local data releases scheduled for today is the country’s July inflation figures. Analysts are predicting a slow of inflation to 5.0% compared to June’s 5.4%. The South African Reserve Bank targets a range of 3-6%. These figures will influence SARB’s next interest rate decision in September.
Gold prices increased as the dollar is slightly weaker. The precious metal stabilised at a level of $1900, although investors are anticipating feedback from major central bankers regarding the path of the interest rates.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.6761 versus the dollar.
Gold: 1904 USD
Bitcoin: 26 019 USD