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 managed to recover to below 19.0000 in yesterday’s session after it opened the session at 19.1925. The local unit reached its best level of 18.9600 on the day. The predicted trading range for the rand today is between 18.8000 to 19.3000.
Historical research show that the rand is following seasonal trajectory, with August usually being a bad month. Since 2000, August has trended weaker for 17 out of the last 23 years, which is the spike of the European summer.
Recent unemployment data released for South Africa, showed a small decrease from 32.9% in the first quarter to 32.6% in the second quarter. The country has one of the worst unemployment rates in the world. The root of the problem is that the country hasn’t grown fast enough to keep rate with the increasing labour force.
Foreign Exchange Rates
At time of writing:
The Rand traded at 19.0825 versus the dollar.
GBP: 24.27
Euro: 20.74
Gold: 1891 USD
Bitcoin: 26 528 USD
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