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 strengthened late afternoon and is currently trading at a level of 18.83. The local unit did test its limited yesterday to trade at a high of 19.25. Improved selling interest and good local PPI numbers supported the rand’s improvement. The predicted trading range for the rand today is between 18.8000 to 19.1500.
The local PPI numbers for August came in higher at 4.3% compared to 2.7% in July. In the U.S. there is increasing concerns over a partial government shutdown, along with a strike in the auto sector. These concerns could negatively affect the release of key economic data.
The rand will look for support at 18.87, 18.76 and then a low of 18.57. The resistance levels for the rand are at 19.18, 19.36, following with a high of 19.56.
At time of writing:
The Rand traded at 18.8210 versus the dollar.
Gold: 1871 USD
Bitcoin: 27 089 USD