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 back below a level of 18.90. Yesterday’s trading session was extremely unpredictable as we saw the ZAR/USD pair trade in levels between 18.9700 to 19.2700. The rand has been very unstable this week, as its directly influenced by global factors like U.S. economic data. The predicted trading range for the rand today is between 18.7000 to 19.2000.
Next week’s market focus will be on South Africa’s mid-term budget for insight on the economy’s health. The decline in the greenback could also suggest that the Federal Reserve is considering halting their rate hikes.
The rand will look for support at 18.82, 18.68 and then a low of 18.45. The resistance levels for the rand are at 19.05, 19.19, following with a high of 19.41.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.8765 versus the dollar.
GBP: 22.89
Euro: 19.94
Gold: 1987 USD
Bitcoin: 34 146 USD
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