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Rand News Update │ Rand struggling to keep gains

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 struggling to keep any gains made, after it weakened to a high of 19.13 in yesterday’s session. Any rand improvement is likely to be met with USD buying support. The predicted trading range for the rand today is between 18.8500 to 19.2500.

Local data released yesterday came out stronger than expected which gave support to the local unit, but it didn’t last as U.S PMI numbers came out stronger and pushed the dollar to perform better. Global risk factors remain elevated which directly influence the trajectory of the rand, but analyst is suggesting a comfortable level of 19.00.

The rand will look for support at 18.88, 18.72 and then a low of 18.59. The resistance levels for the rand are at 19.17, 19.29, following with a high of 19.42.

Foreign Exchange Rates

At time of writing:

The Rand traded at 19.1582 versus the dollar.

  • GBP: 23.21

  • Euro: 20.25

  • Gold: 1971 USD

  • Bitcoin: 34 194 USD

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