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 recovered a little bit on Monday after the highs of 19.00 in Friday’s session. During last week’s sessions we saw the rand trading between levels of 18.70 and 19.00, which it ended on 18.86 for the month of June. The predicted trading range for the rand today is between 18.6000 to 19.1000.
Local data releases for today are on the PMI and vehicle sales. Global data releases are on the PMI and ISM manufacturing indicators from the United States. The rand’s weakness has been driven by general weakness in all emerging markets with no specific issues from South Africa.
The emerging markets, where the ZAR is part of, is weakened by disappointing commodity prices, stricter monetary policy in developed economies along with the Chinese yuan’s weakness.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.7244 versus the dollar.
GBP: 23.71
Euro: 20.39
Gold: 1911 USD
Bitcoin: 30 630 USD
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