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 at a stable level of 19.00. On Friday the local unit traded at a range between 18.9300 to a high of 19.1400. Markets are continuing to trade with caution as conflict are increasing in the Middle East. The predicted trading range for the rand today is between 18.8000 to 19.2000.
Important data releases this week is the U.S. third quarter gross domestic product numbers out on Thursday and personal consumption expenditures numbers due on Friday. If these numbers come out stronger than expected, the Federal Reserve might pick up talks again on rate hikes. Local data releases for this week are a leading central bank indicator on Tuesday and producer inflation on Thursday.
The rand is very susceptible to global factors and will take market direction from global economic events. The rand will look for support at 18.9050, 18.80 and then a low of 18.70. The resistance levels for the rand are at 19.15, 19.25, following with a high of 19.32.
Foreign Exchange Rates
At time of writing:
The Rand traded at 19.0929 versus the dollar.
Gold: 1805 USD
Bitcoin: 30 604 USD