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Rand News Update │ Rand trading at levels above 19.20

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 high levels above 19.2000. In yesterday’s trading session the local unit traded at a low of 19.13 at open but quickly retreated to a high of 19.28. The short-term support levels for the rans are at 19.07, 18.92 and ultimately a low of 18.82. On the opposite end, the resistance levels are 19.31, 19.42 and a high of 19.53.

Local data published yesterday came in better than expected. The PMI numbers for August is at 51.01 which is slightly higher than 48.2 in July. The South African economy recorder a growth of 0.6% for the second quarter in 2023, versus the 0.2% that was expected.

Both Saudi Arabia and Russia announced that they will extend their oil production cuts to the end of the year. Saudi Arabia said they will reduce their production by 1 million barrels per day and Russia by 300 000 barrels per day.

Foreign Exchange Rates

At time of writing:

The Rand traded at 19.2760 versus the dollar.

  • GBP: 24.19

  • Euro: 20.68

  • Gold: 1923 USD

  • Bitcoin: 25 730 USD

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