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 up above a level of 18.70. During Friday’s trading session the local unit traded in a range of 18.65 to a high of 18.76. Trading conditions in the local market will continue to be challenging as markets suffered the effects of local connectivity challenges encountered last week. The predicted trading range for the rand today is between 18.5500 to 18.9500.
Local data due this week is the CPI and retail Sales numbers due on Wednesday. Markets will remain cautious as we can expect various central bank decision this week. The scheduled central bank meetings are from the U.S., Japan, UK, Switzerland, Norway, Australia and Turkey. Market consensus is suggesting that most central banks will keep their rates unchanged.
The rand will look for support at 18.65, 18.57 and then a low of 18.50. The resistance levels for the rand are at 18.80, 18.87, following with a high of 18.93.
Foreign Exchange Rates
At time of writing:
The Rand traded at 18.7612 versus the dollar.
GBP: 23.88
Euro: 20.43
Gold: 2147 USD
Bitcoin: 68 650 USD
Comments