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 reached a level of 19.0000 after it closed Friday’s session at a level of 18.9600. The local unit is trading 0.2% weaker compared to Friday. The predicted trading range for the rand today is between 18.8500 to 19.3500.
Analysts are suggesting the rand to trade even more weaker after weak economic data from China. South Africa’s economy is under pressure as its still battling high-risk premium to be accounted for. U.S. bond yields are also increasing, which makes the rand more vulnerable.
All emerging market currencies, along with the rand, are trading lower against major pairs. Short term technical objective is suggesting the USD/ZAR to trade weaker, although long term objective is indicating towards improved risk appetite and a recovery for the ZAR.
At time of writing:
The Rand traded at 18.9401 versus the dollar.
GBP: 24.05
Euro: 20.73
Gold: 1914 USD
Bitcoin: 29 395 USD
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