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 still on a weaker trend as it reached a high of 19.43 in yesterday’s session. The local unit encountered significant volatility during yesterday’s trades as the rand recovered to a low of 19.17 but could not maintain that level. The predicted trading range for the rand today is between 19.1000 to 19.6000.
The USD suffered a quick weakness dip yesterday after the ADP employment numbers released from the USD came in lower as the expected number. The rand was stuck in a realignment of global currencies which caused the erratic movement of the rand. The quick improvement was because of a drop in oil process and weaker U.S. labour data.
The rand will look for support at 19.18, 19.04 and then a low of 18.91. The resistance levels for the rand are at 19.45, 19.57, following with a high of 19.70.
Foreign Exchange Rates
At time of writing:
The Rand traded at 19.4264 versus the dollar.
GBP: 23.55
Euro: 20.42
Gold: 1821 USD
Bitcoin: 27 632 USD