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 trading stable at level of 18.6000. On Friday the local unit traded in arrange of 18.65 to 18.75. After the data releases from the US, the local unit improved to a level of 18.40 to reach its best level of 18.3850 for the day. The predicted trading range for the rand today is between 18.3500 to 18.7500.
With this being a week of a public holiday on Wednesday, there won’t be much liquidity in the market. After Friday’s lows, the support level for the ZAR is at 18.38/40 and then 18.1500. The resistance levels are at 18.50/52, then 18.63/65 and then 18.7500.
The NFP numbers released in the US on Friday, published lower than expected. Traders in America are now predicting that the Federal Reserve will hike interest rates again in September.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.6083 versus the dollar.
Gold: 1934 USD
Bitcoin: 29 041 USD