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 weakened significantly to trade above a level of 19.10 by the time of yesterday’s close. The local unit traded in a range of 18.82 to a high of 19.18 during yesterday’s session. The predicted trading range for the rand today is between 18.9000 to 19.3000.
The USD showed good strength yesterday to trade 1.2% higher than its previous close. The weaker rand was caused by stronger than expected PMI numbers from the U.S. Jobless claims decreased and home sakes is at its strongest in five months. The Federal Reserve commented that they want to see the inflation back at 2% before considering cutting rates.
Any break above a level of 19.30 will be cause for concern and could potentially signal extended losses. The rand will look for support at 19.05, 18.91 and then a low of 18.68. The resistance levels for the rand are at 19.28, 19.42, following with a high of 19.55.
Foreign Exchange Rates
At time of writing:
The Rand traded at 19.1702 versus the dollar.
GBP: 24.26
Euro: 20.75
Gold: 2020 USD
Bitcoin: 51 137 USD
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